Chris Mason: Political heat map flashes red over Treasury

If one were to depict the current government's state with a political heat map, the Treasury would undoubtedly be a bright red, flashing area, representing the immense pressure it faces. Firstly, the news surrounding the former Treasury Economic Affairs Minister, Tulip Siddiq, has dominated headlines.

While the story is complex, its core issue is one that no PR expert could easily spin. A minister responsible for the government's anti-corruption efforts being embroiled in a corruption investigation is undeniably an embarrassing situation. Tulip Siddiq has consistently maintained her innocence, and the Prime Minister's independent advisor on ministerial conduct has also concluded that she did not breach the ministerial code.

The Bangladesh Anti-Corruption Commission is investigating allegations that Tulip Siddiq's family misappropriated up to £3.9 billion. The former minister's aunt, Sheikh Hasina, served as the country's Prime Minister until she was ousted last year. Her successor, Mohammed Yunus, stated in an interview with The Sunday Times over the weekend that if Tulip Siddiq's UK residence was obtained through "blatant robbery," it should be returned to his government.

And what are the responsibilities of the Treasury Economic Affairs Minister? They include combating economic crime, money laundering, and illicit financial activity. Politics is not a court of law but a battle of perceptions, and unanswered questions generate more headlines, regardless of their fairness. Independent advisor Sir Laurie Magnus concluded that "given the nature of Ms Siddiq's ministerial responsibilities, it is regrettable that she was not more alert to potential reputational risks." He added, "I do not consider this shortcoming should be regarded as a breach of the Ministerial Code, but you will need to consider her future responsibilities in light of this."

Tulip Siddiq has resigned, but the Prime Minister has publicly stated that she is likely to serve as a minister again in the future, a contrast to his brief three-sentence statement in November when Transport Minister Louise Haigh resigned. Next, we turn to the Chancellor of the Exchequer, Rachel Reeves, who is also struggling to escape negative news. The Prime Minister had previously praised her and expressed parliamentary-level confidence in her. However, soaring government borrowing costs indicate a widespread lack of market confidence in the government's economic strategy.

The Chancellor stated, "The economic headwinds we face are a reminder that we must accelerate action to kickstart growth that has been struggling under the previous government." What does this mean? They will continue to push forward with what they call an "industrial strategy," such as the announcement regarding artificial intelligence released on Monday. The Conservative Party has stated that business confidence has plummeted and believes that ministers have been talking down the economy.

From the Prime Minister's perspective, Tulip Siddiq's resignation has alleviated one headache. However, resolving the ongoing and painful government problem of slow economic growth may take longer, and whether they can achieve this could have more profound and lasting political ramifications.