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There is one fight Keir Starmer and Rachel Reeves want to have after Wednesday’s budget – one they hope if it lands right this week they could run pretty much all the way to the next election.
And there is another they are keen to avoid at all costs that could drag down their government and mean the second hundred days bear a greater resemblance to the first than they would like.
Nobody yet knows which will dominate – but all will be clear by the end of the week.
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The prime minister wants to turn the budget into a battle with the Tories – put it at the centre of a refreshed political campaign to reframe and double down on an attack against their main opponent.
Eviscerating the Labour opposition in 2010 helped the Tories win in 2015; now Labour wants to do the same in return.
Indeed, at the heart of the budget is an argument the prime minister and chancellor actually ducked during the election campaign: that Labour will tax a lot more and borrow a lot more to spend on public services over the course of this parliament.
Now safely in power with a three-figure majority, they believe they have the political space to make this case, and can turn it to their advantage in a way they never dared before 4 July.
Sir Keir is so keen to start this fight with the Tories he was up in Birmingham today laying down dividing lines with the opposition over the most controversial bits of the budget.
He is arguing for investment over decline (to justify more borrowing), tax rises or austerity (to lay the ground for £35bn of higher…
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