Rachel Reeves is announcing her financial update – here are the main points, with political analysis

• Politics live: latest news and reaction on UK budget

Rachel Reeves says the UK voted for change, and the Labour government has a mandate for a decade of “national renewal”.

Reeves says Labour inherited a £22bn “black hole” with allegedly unfunded pledges by the Conservative government.

The Office for Budget Responsibility (OBR), the government’s budget watchdog, has published a review saying that the previous government did not disclose details of spending. Those details would have made forecasts “materially different”, Reeves says.

Reeves says the government will implement 10 recommendations from the OBR’s review.