Labour confronts £20bn black hole

The chancellor Rachel Reeves is about to confront the British public with the size of the black hole in the country’s finances. A funding shortfall of about £20bn is likely to lead to tax rises at the Budget later this year. So — how to fix the problem? The FT’s political editor George Parker sits down with colleagues Stephen Bush and Robert Shrimsley to consider the government’s options. Plus, the FT’s infrastructure correspondent Gill Plimmer outlines the scale of the debacle that is the cancellation of the high-speed rail link between Birmingham and Manchester. 

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Follow George on X @GeorgeWParker, Stephen @stephenkb. Robert @robertshrimsley, Gill @gillplimmer1

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Presented by George Parker. Produced by Audrey Tinline.

The executive producer is Manuela Saragosa. Audio mix and original music by Breen Turner. The FT’s global head of audio is Cheryl Brumley. 

Read a transcript of this episode on FT.com

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