Rachel Reeves has admitted that the Labour Government has ‘disappointed’ people.

But the Chancellor insisted she had got the balance right between tax, spending and borrowing.

She told an audience at the Edinburgh Fringe Festival that her job involved making tough decisions, even if they are unpopular.

She told the Iain Dale All Talk Show: ‘The reason people voted Labour at the last election is they want to change and they were unhappy with the way that the country was being governed.

'I’m impatient for change as well, but I’ve also got the job of making sure the sums always add up. You certainly can’t do everything straight away, all at once.’