Just six months into government, Labour's promises of growth lie in shreds, amid a stagnating economy and stubborn inflation. In her first big speech of the New Year, the Chancellor will try to restore confidence and - crucially - to discredit the assessment last month by the Bank of England that it was the record-breaking tax rises in Labour's October Budget that brought the economy grinding to a halt. Rachel Reeves will try to convince us that the Government has 'fixed the foundations'. Yet anyone expecting Britain on its current trajectory to bounce back in 2025 is fooling themselves.