The chancellor has set out her audit of public spending to MPs. Revealing what she calls a multi-billion pound “black hole” in the government finances, Rachel Reeves has vowed “to fix the mess we inherited” from the Conservative government.

So do these sums add up and what do they mean for public services? Should this inheritance come as a surprise to Labour and what does it mean for the party’s manifesto pledges? And what is Rachel Reeves’ plan – which could involve tax rises or spending cuts – for dealing with the problem?

To discuss these questions and more, we were joined by an expert panel, including:

Olly Bartrum, Senior Economist at the Institute for Government

Nick Davies, Programme Director at the Institute for Government

Gemma Tetlow, Chief Economist at the Institute for Government

The webinar was chaired by Hannah White, Director and CEO of the Institute for Government.