UK’s Labour just unveiled its first budget in 14 years – what is in it and will it work?

Chancellor of the Exchequer Rachel Reeves set out the first Labour budget in 14 years. Photograph: Tejas Sandhu/SOPA Images/Shutterstock

Britain’s new government delivered its first budget on Wednesday setting out its plans for taxing and spending three months after coming to power in a landslide general election victory.

It is the first time the Labour party has had a chance to do this in 14 years with the Conservative party having been in power since 2010.