Chancellor Rachel Reeves hits out at the former Government for a '£22 billion' public finances overspend and for misleading the public about the spending black hole she alleges.

Rachel Reeves announced that she would take “very tough decisions” to address a public spending black hole of around £20 billion – but no tax rises should be expected, a senior minister has said.

Shadow Chancellor Jeremy Hunt responded by saying the Chancellor would 'fool absolutely no one with a shameless attempt to lay the groundwork for tax rises.'

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