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Chris Riddell on stagflation rearing its ugly head before Rachel Reeves’ spring statement – cartoon

Hopes of growth hang deflated, borrowing takes its toll and spending cuts loom

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A cartoon on Rachel Reeves' spring statement. A stag-skulled figure with huge antlers that have punctured a party balloon labelled ‘Growth’ clutches an enormous sack labelled ‘Borrowing’ and holds a battered scythe labelled ‘Spending Cuts’. The figure is saying “Good luck sticking to your fiscal rules, Rachel…”, panel 1 — Illustration: Chris Riddell/The Observer

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