Chancellor Rachel Reeves says she's discovered a "£20bn black hole" in the public finances left by the previous government.
In the Commons, she set out her plans to address the funding shortfall through spending cuts, as shadow chancellor Jeremy Hunt accused Labour of using the statement to lay the groundwork for a U-turn on tax rises in the October budget.
On the Sky News Daily, host Liz Bates is joined by deputy political editor Sam Coates to look at Labour’s messaging on the state of public finances, and breaks down the numbers with our business correspondent Paul Kelso.
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