The long-awaited Labour budget needs to show the party knows what to do with power

The chancellor thinks it makes sense to borrow to invest in transport and energy projects because this will feed faster growth, higher tax revenues and the ability to spend more on public services. Photograph: Sue Cunningham Photographic/Alamy

The long wait is almost over. On Wednesday, for the first time in more than 14 years, a Labour chancellor will have the chance to deliver a budget – and much is riding on what Rachel Reeves comes up with. After a series of unforced errors, the government needs to seize back control of the political narrative.

Reeves has said her budget will launch a new era of investment that will rank alongside Labour’s historic reform programmes of the past. She cannot afford the budget to be a dud.