On Monday, the new Chancellor, Rachel Reeves, stood up in front of Parliament and spoke about, what was in her view, the challenging economic inheritance left to Labour by the previous Conservative government.

She revealed a series of unfunded commitments by the previous government a multibillionpound in the public finances covering areas such as spending on asylum seekers and unfunded infrastructure projects.

So, what do we make of the announcements? What are the implications of the spending cuts announced? What does this statement tell us about how the Chancellor will handle economic challenges?

To answer these questions, we’re joined by Christine Farquharson and Ben Zaranko.

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00:00 Introduction: The Government's Economic Challenge
01:20 Labour’s £22 Billion “Black Hole” Explained
03:00 Immediate Pressures
06:00 Public Sector Pay and Spending
10:52 Impact of Inflation
13:00 The Treasury Reserve
16:00 Asylum Seeker Budget Costs
20:00 Scrapping the Advanced British Standard
24:00 Pensioner Spending
28:00 Social Care Reforms
33:50 Conclusion: Tough Choices Ahead for Labour