Rachel Reeves once had her Parliamentary credit card confiscated after going on a spending spree. Now she’s maxed out the nation’s credit card, again. Our financially clueless Chancellor also complained about struggling to balance her household bills, despite a combined family income of at least £325,000. Given her diva-like attitude to money, it’s hardly surprising she’s played so fast and loose with the vast sums handed to her by taxpayers.

Since becoming Chancellor she’s driven UK taxes to new all-time highs, hitting us with another £67billion in just 18 months. And that still wasn’t enough to cover her public spending splurge. She’s borrowing another £150billion this year just to keep up. And that’s not enough either.

The UK economy is barely growing as a direct result of her tax blitz. And this morning brought yet more bad news.

Today, we learned that Rachel Reeves has blown through her fiscal headroom – again. That’s despite all of her eye-watering tax rises and endless borrowing. So guess who’ll pay? As if you need to ask.

Fiscal headroom is the buffer governments keep to stay within their own tax-and-spend rules. Astonishingly, Reeves has just burned through it for the third time.

The first was in March last year, when a slowing economy wiped out at least half of the £16billion buffer she had set aside. By November, it had vanished altogether. Reeves responded with £26billion in Budget tax rises to rebuild headroom to £22billion.

The cash didn’t last long. It never does, with this Chancellor.

New analysis from the National Institute of Economic and Social Research (NIESR) shows her fiscal headroom has already been eroded to near zero. The cause? Shrinking growth and rising unemployment, both triggered by Reeves’s economic mismanagement.

NIESR director David Aikman warned that fiscal space remains “extremely tight”, with high debt and little room to respond to future shocks. Which points to one obvious conclusion: Reeves is likely to be back for more tax rises in the autumn Budget.

What Reeves consistently fails to grasp is that tax rises have consequences. She treats them as free money.

But by repeatedly hiding tax she has destroyed economic sentiment and jobs, with unemployment rocketing from 4.1% to 5.1% under Labour.

People without jobs don’t pay income tax or National Insurance. They spend less in the shops, forcing more businesses to close and pushing VAT receipts down too. It’s a vicious cycle, and Reeves has accelerated it.

Repairing fiscal headroom was the excuse she used to justify last year’s nightmare Budget. Now she’s heading back for more.

Reeves has already refused to rule out further tax hikes this autumn. Now we know why. The last thing Britain needs is a third horror Budget. But that’s what we’re going to het.

Once again, we’re seeing the consequences of Reeves’s jobs taxes and inflation-busting minimum wage hikes. Then there’s Angela Rayner’s upcoming looming Employment Rights Bill. Combined, they’re destroying jobs and businesses, and tax revenues too.

Rachel Reeves has run out of cash again. And once again, you’ll have to top her up so she can carry on chucking the money around.