The “black hole” was met with raised eyebrows when it was first “discovered” in a rapid audit by Treasury officials under Reeves’ instruction at the end of July. Public sector pay rises granted by the government along with “overspend on certain projects” and inflation led the Treasury to conjure a figure of £22 billion. That was then reduced to £16.4 billion with measures including the winter fuel benefit cut…

Labour mentioned the £22 billion figure whenever they wanted to attack the previous government. Now, in one briefing of Reeves’ words to the Cabinet, she is said to be expanding the black hole to something over £25 billion, which was later upgraded to £40 billion. That’s because £22 billion would only keep services “standing still” and the Chancellor wants to increase headroom at the beginning of this parliament in case there are other “economic shocks.” Another briefing of the same Cabinet meeting says that the £22 billion black hole will be made a permanent fixture of the next five years. Despite the fact that the Treasury said it had already been reduced to £16 billion, Reeves is arbitrarily giving herself £22 billion every year to crow about…

That means hacks have written up another black hole, this time of £100 billion. The total number of different black hole figures under Labour so far has, therefore, reached five. Every number Labour comes up with is pure politics and shouldn’t be interpreted as anything else…