I am told there will be three elements to her address to MPs, beginning with a short update on how the war is affecting the economy.
There will also be a section on energy security, with a promise to crack on with delivering new nuclear power stations. The legislation to allow this to happen is expected later this year and will be set out in the King’s Speech in May.
What is described as “a new anti profiteering framework” will be set out too, which could give the regulator, the Competition and Markets Authority, new time limited and targeted powers to tackle companies proved to be exploiting price rises to rip customers off.
Reeves will then talk about the principles that will drive any further support to families if energy bills spiral in the coming months. Given the energy price cap on gas and electricity is in place until the end of June, ministers have time to work out what might be feasible, affordable and necessary.
The chancellor will indicate that she believes it wouldn’t be fair or affordable, in all likelihood, to offer every household help.
There was universal support provided when Liz Truss was prime minister, not long after Russia’s full scale invasion of Ukraine, which had huge consequences for the public finances given its cost.
And this came not long after the vast government interventions during the pandemic.
People still argue about whether those interventions were a good idea or not, but put both of them together and they help explain why the cost of paying the interest on the national debt amounts to about £1 in every ten, external that the government spends.