but iyou ve got it on a trajectory, it s gone up and it s then going to go down. well. hang on. just let s just explain exactly what happened. so in that 2020 budget, when rishi sunak was chancellor, it was the biggest ever increase. now, i then had to balance the books a year ago. it was an incredibly difficult situation, but it was necessary for the markets and it was necessary for the battle against inflation. so what i chose to do was to freeze that capital budget in cash terms, which is not a freeze in real terms. i hope as soon as we can afford to, we can get back to real terms growth. but i m absolutely committed to public investment. in a speech coming up shortly, the labour leader sir keir starmer is expected to say his party will have an obsession with economic growth to raise living standards. he will also say that labour won t be able to turn on the spending taps if it wins the next election. we ll bring that speech to you live here on bbc news. the gaza run hea
down and manage expectations that labour would suddenly be able to change that in a matter of weeks. there is a concern among some in labour that the excitement from some would quickly turn to disappointment when that realisation hits. i think what we know from what labour have said about the speech is keir starmer will say the uk faces huge constraints on public spending. and that anyone expecting a labour government to quickly turn on the spending tops will be disappointed. and hanging heavy in the air here in westminster is that election next year, is the prospect of that. and knowing the economy will be central to it, the debate around the economy and who is trusted most to govern the public finance will be a central part of that election, and really keir starmer in the speech this afternoon is trying to pitch himself and the labour party as the party of economic credibility. he will also say, make and point taxes are higher than at any point since the war. he will be lay