The long-awaited Labour budget needs to show the party knows what to do with power | Larry Elliott

A strategy of raising taxes, spending and borrowing all at the same time to fund investment has risks, but it has a logic too

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The long wait is almost over. 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. After a series of unforced errors, the government needs to seize back control of the political narrative.

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