Burnham's former adviser gives Healey's Budget a four out of 10

Key facts

• Andy Haldane rated John Healey's budget four out of 10.
• Haldane warned the UK is "taxed out" and "maxed out in terms of borrowing".
• Chancellor John Healey admitted there is no plan to reduce welfare spending in this Parliament.

Andy Haldane, a former chief economist at the Bank of England and an informal adviser to Prime Minister Andy Burnham when he was Mayor of Greater Manchester, gave Chancellor John Healey's maiden budget a rating of four out of 10. Haldane described the budget as a "do-no-harm" plan that failed to address the urgency of the current economic situation, warning that the UK is "at or close to being taxed out" and "at or close to being maxed out in terms of borrowing". He suggested that the government risks a "Liz Truss-style crisis" if it avoids difficult decisions on public spending and taxation. Chancellor Healey, however, stated that there was no plan to reduce welfare spending within the current Parliament.