Chancellor Rachel Reeves has been accused of saddling the UK with a staggering £1.3tn "debt mountain" over the course of this parliament after allegedly hiding an extra tranche of borrowing in her recent Budget , according to the Telegraph.

Reeves claimed she is cutting debt and borrowing in her tax-raising Budget, telling the House of Commons last Wednesday : "My fiscal rules will get borrowing down while supporting investment ... I said we would cut the debt and we are."

"Those are my choices. Not austerity, not reckless borrowing, but cutting the debt."

However, the Telegraph reports an analysis by Sir John Redwood, Margaret Thatcher's former senior economics adviser, shows that both debt and borrowing will continue to rise under Labour's leadership.

Redwood claims the Budget is

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