Budget 2024: will Labour’s £40bn tax hike backfire?

After months of speculation, leaks, and endless criticism, Rachel Reeves has finally delivered Labour’s first budget in 14 years and it had £70 billion more in spending, £40 billion more in tax along with a lot more borrowing and a lot more debt. So, will it define this government? Will it deliver growth and fix public services? Is it what people voted for?

In this week’s episode of the Political Fourcast, Krishnan Guru-Murthy is joined by KPMG’s chief economist Yael Selfin, Jonathan Ashworth, chief executive of Keir Starmer’s favoured think tank, Labour Together, and Matthew Lesh of the Institute of Economic Affairs, the think tank most closely associated with the last prime minister to go for growth – Liz Truss.

Produced by Silvia Maresca, Calum Fraser, Rob Thomson, Ka Yee Mak.

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