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Kemi Badenoch has accused the Labour Government of having given up on trying to “live within its means”, as she criticised Rachel Reeves’s speech setting the stage for tax rises as “one long waffle bomb”.

Giving her own speech in central London on Tuesday, the Tory leader said: “The Chancellor’s speech was one long waffle bomb, a laundry list of excuses.

“She blamed everybody else for her own choices, her own decisions, her own failures.”

Mrs Badenoch said Ms Reeves had delivered “a masterclass in managed decline” that left business leaders and investors “confused” b

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