After nearly four months since the election the big wait is over. Chancellor Rachel Reeves has delivered the first Labour budget in 14 years, and it is as Halloween as it gets.

There are annual tax increases of nearly £40 billion, an increase in borrowing of some £127 billion over five years, and billions of additional revenue and capital expenditure.

Prior to today’s budget the UK had its highest rate of taxation and debt for decades. That has been substantially increased with this budget, but that has enabled the Chancellor to provide funding for a wide range of new initiatives while continuing to support departmental spending.

It will be interesting the real scale of growth that can be “crowded in” with this spending spree. The growth........

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