The argument peddled by the chancellor today isn't anything new, Rachel Reeves says.
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"It's all based on an outdated ideology that says 'if we reward those who are already wealthy, the whole of society will benefit'."
They've decided to place levelling up with trickling down economics, Labour's shadow chancellor says of the Tories.
"As [US] President Biden said this week," she says, "'he is sick and tired of trickle down economics'. And he is right to be. It is discredited, it is inadequate, and it will not release the wave of investment that we need."