Hard times and hard choices, but the Chancellor, Rachel Reeves, seems determined to inflict pain on consumers, taxpayers and businesses in the short term, to plug what she says is a £40bn hole in the nation's finances. But does she need to? And is she going to hit the right targets, given that she has boxed herself in by committing not to raise income tax, VAT or National Insurance on employees? And is recalculating national debt by taking into account assets a sensible way of allowing her to borrow more - without spooking lenders? Simon French, Chief Economist and Head or Research at Panmure Liberum, tells Phil and Roger what she could and should do in Labour's first budget.

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