How big is the ‘black hole’ Labour says is in public finances?

The Chancellor Rachel Reeves has told MPs the Government has inherited a £22 billion overspend from the Tories – and set out plans to reduce the deficit over the next two years.

She accused the previous Government of continuing to make unfunded commitments “knowing the money was not there”.

Among the cutbacks she announced – restricting winter fuel payments so only the poorest pensioners are eligible, and scrapping the plan to cap social care charges.