When Rachel Reeves stood at the dispatch box in Britain’s House of Commons to deliver Labour’s first budget speech in 14 years, few observers may have countenanced exactly how monumental a moment it was.
Not only was it Labour’s first chance to determine Britain’s economic pathway in over a decade, but it was also the first ever budget speech by a woman.
It was a momentous political occasion, which may well set the course the country will remain on for decades to come.
As an economic reset, Wednesday’s budget will have long term ramifications.
For Reeves, as well as Labour leader Kier Starmer, it was merely a first step in what they see as the urgent need to rebuild Britain from the bottom up.
Undoubtedly the public had been drip-fed warnings of huge tax increases and massive budgetary deficits but, while what they got was pretty monumental, it was not as hard on taxpayers as many anticipated.
However, it still has to deliver them a feelgood factor in terms of tangible upgrades to public services and a healthier feeling about their spending power.
The scale of Ms Reeves’ proposals was nevertheless massive — a record £40bn in tax rises, borrowing soaring by £20bn, and spending going up by £70bn annually.
All of it aimed at reversing the declines seen across local government, health services, education, and infrastructural development after years of Tory austerity measures.
Despite the comprehensive nature of Labour’s victory in last July’s election, few knew exactly what the Starmer government was going to do to try and re-energise Britain.
Now a blueprint has been unveiled and top of the list is protecting working people’s incomes, breathing life into public services, and investing in the nation’s fabric.
Labour has endured a rocky first few months in power, and Wednesday’s budget crystalised the party’s vision for the future, but it will almost certainly need a second term in office to deliver on its ambitions.
It is to be hoped that, for the British people, this budget will kick-start a period of economic renewal and broaden the country’s worldview from what was a shambolic and stumbling post-Brexit collapse of its economic strengths and its status in world affairs.
As the Irish National Hunt racing season gathers pace, ahead lie the glories of Leopardstown at Christmas, the Dublin Racing Festival in February, and on to the great Cheltenham and Punchestown festivals later next year.
Even so, the industry has a number of thorny issues to face.
Not least of these is sustaining the public view that racing and breeding play an important role in rural life and, possibly more importantly, that the thoroughbred industry treats its most important assets — the horses themselves — humanely and with genuine concern about their welfare.
If it does not, the future of racing is going to get very uncertain — particularly if public opinion comes to suspect genuine animal welfare issues are being ignored or overlooked.
One of the watchwords which has emerged in the growing debate about racing is “wastage”, and this has to do with what happens to horses when their racing days are over.
There are some 10,000 horses in training in Ireland and over 9,500 foals were registered here last year.
Sadly, there is no system in this country for lifetime traceability of racehorses and in a world where humankind’s relationships with animals is increasingly under scrutiny — especially so where animals are utilised for our enjoyment — that is something that has to be addressed.
Racing needs to be able to proudly say it looks after its participants properly from birth to death if it is to reassure public opinion.