The NHS didn’t receive a great deal of specific attention in Rachel Reeves’ budget. She mentioned it, but in fairly general terms around plans to invest and cut waiting lists.

But the overall plan presented by the chancellor effectively incorporates the NHS into a high tax, high spend economic model. Those revenue-raising taxes include a long freeze in income tax thresholds, higher rates on property, dividends and savings, plus new levies on gambling and electric vehicles.

And structurally, this arrangement does two things for the NHS. First, it shifts more of the tax burden onto wealth and higher incomes, which may be politically easier to defend when channelling money into health. Second, it broadens the tax base that pays for day-to-day NHS running costs, reducing reliance on borrowing to fund nurses’ salaries or catching up on elective........

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