Budget 2024: Labour Chancellor Rachel Reeves gambles tens of billions on red with tax rises to rebuild invest in Britain [Video]

Rachel Reeves was on Wednesday gambling tens of billions of pounds in higher taxes and borrowing in Labour’s Budget to ‘rebuild Britain’.

She has also eased her debt fiscal rule which will allow her to borrow some £20 billion more.

The Chancellor argues that the drastic action is needed to fix what she claims is a £22 billion black hole in the public finances left by the Tories, which they deny, and then embark on a huge investment programme.

This would include billions for transport and other infrastructure projects, including the HS2 high speed rail line running to Euston, as well as pouring billions more into day-to-day running costs for the Government’s priorities such as the NHS and cutting waiting lists, currently at around 7.6 million, by millions within years.

“The only way to drive economic growth is to invest, invest, invest,” she was due to argue.

“There are no shortcuts. To deliver …