Sir John Redwood, the former Conservative MP for Wokingham, treasury adviser to Margaret Thatcher and Welsh Secretary under John Major, has discovered a “borrowing bomb” in the Budget that no one has noticed.

Rachel Reeves reminded us at the despatch box last week that her choice was “not austerity; not reckless borrowing; but cutting the debt”, going on to say that “I said I would cut debt and borrowing, and I meant it”.

However, Sir John has discovered that, far from doing that, her plans will see an extra £1.3 trillion of borrowing and the total national debt rise up to £3.53 trillion.

He joins Camilla Tominey and Tim Stanley to explain how this Labour government’s “dreadful spending habit” will saddle the country with an eye-watering “debt mountain”.

We want to hear from you! Email us at thedailyt@telegraph.co.uk or find @dailytpodcast on TikTok, Instagram and X

► Sign up to our most popular newsletter, From the Editor. Look forward to receiving free-thinking comment and the day's biggest stories, every morning. telegraph.co.uk/fromtheeditor

Producer: Georgia Coan

Senior Producer: John Cadigan

Video Producer: Will Walters

Studio Operator: Meghan Searle

Executive Producer: Charlotte Seligman

Social Producer: Nada Aggour

Editor: Camilla Tominey

Hosted on Acast. See acast.com/privacy for more information.