Power at last Now Reeves must show how Labour can wield it

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.

- Larry Elliott

After a series of unforced errors, the government needs to seize back control of the political narrative.

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

There is no reason why it should be. Forget the idea that "wealth creators" are about to leave the country en masse because they may have to pay higher rates of capital gains or inheritance tax. Some could, but the vast majority will stay put. Ignore, too, suggestions that Reeves's plans to borrow more for investment will lead to a ferocious sell-off of UK financial assets. The chances of a "Liz Truss moment" are remote.