Rachel Reeves' Budget is doing what Labour was elected to do - spend its way to growth

This was a Budget that will go down in history.

It will be remembered as the first Budget delivered by a woman Chancellor. But Rachel Reeves is also hoping it will be recorded as the moment Labour began the hard work of rebuilding the country after 14 years of Conservative neglect.

As we learned by the time she sat down after her 77-minute speech, this historic task requires historic levels of tax rises and historic amounts of public spending. Whereas the Tories have sought to cut their way to prosperity, Labour wants to spend its way to growth.

Billions of pounds will be spent on recruiting more teachers, cutting NHS waiting lists, upgrading train lines and investing in jobs. This, after all, is what Labour was elected to do.

Keir Starmer and Ms Reeves did not seek office in order to repeat the policies of their Conservative predecessors. Sprinkled throughout the Budget were measures which only a Labour Chancellor would have announced.

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There was more money for special educational needs, an increase in the carers’ allowance, the long-needed reform to the Mineworker’s pension scheme and a hike in air passenger duty for those who fly by private jet. Perhaps the only announcement which looked out of place from a Labour Government was the decision to push ahead with the Tory benefit reforms - a potential flashpoint between the Cabinet and backbench MPs.

The headlines tomorrow will either focus on the £40billion tax hikes or the £70billon in extra spending on schools, homes and hospitals.

The Chancellor has made her choice. She’s betting the house that most people think it’s the right one and history will be kind to her.