Next, a video clip of Labour voter Ian is played asking what the difference is between Labour and the Conservatives' fiscal policy.

Reeves replies with plans to close tax loopholes to inject cash into public services.

"Those are crumbs" says Laura.

"Those are not crumbs" Reeves replies, citing the VAT and business rates for private schools and £7.7bn to be earned by closing the loopholes.

Labour aims to grow the economy by getting people back into work and boosting productivity, she says.

Moving back onto the economy, Laura asks if there will be real-terms cuts to some government spending if Labour wins the next election.

Reeves says the inheritance Labour will have if they do win the next election will be "the worst since the Second World War".

"I have to be honest that we're not going to be able to turn things around straight away but we will get to work on all of that."

Reeves says there will be an "initial injection of cash" into public services.

Pushed again by Laura on whether some departments will face real-terms cuts, Reeves says she will do a spending review "quickly" if they win an election.

Laura asks about Reeves' colleague Angela Rayner, who has faced questions about whether she should have paid capital gains tax when she sold her council home in 2015.

Reeves responds that Rayner has already talked about this and "that is good enough for me and people are ready to move on".

Laura asks if Reeves will accept Jeremy Hunt's measures for cutting capital gains tax on second home sales as announced in the Budget, or whether Labour will reverse it.

Reeves says the Office for Budget Responsibility says the measure will bring in revenue, and she's not going to undo a measure that could end up costing taxpayers money.

Laura says Hunt's Budget will leave Labour £2bn short for its plans for breakfast clubs in schools and extra appointments in the NHS.

She asks where that £2bn is going to come from.

Reeves responds that she is going through all the government documents to identify funding streams to honour Labour's commitments.

Reeves is then asked about Labour ditching its £28bn green pledge.

Reeves says the impact of former PM Liz Truss and ex-Chancellor Kwasi Kwarteng's mini-Budget affected what an incoming Labour government could be able to do. But she says she has been working with businesses to find investment.

Reeves says that unless Labour can grow the economy and boost investment they won't have a chance to boost living standards.

Reeves is first asked about Labour's plans for a so-called National Wealth Fund.

The idea is the government would stump up £7bn and encourage the private sector to join in.

Reeves says Labour wants to leverage private sector investment alongside government funds to create jobs of the future, such as carbon capture and storage and green steel.

First up is Rachel Reeves, Labour's shadow chancellor.

She's on track to become the most powerful woman in the country if - as the polls suggest - Labour wins the next election.

We'll be asking for her reaction to the budget, in particular what Labour will do now that the government has adopted some of its key plans such as scrapping "non-doms".

Stick with us to hear what she has to say.

And as Laura has just mentioned, the first official photo of the Princess of Wales since her abdominal surgery in January has been released by Kensington Palace.

You can see the picture, and read our story, here.

Laura starts off by asking panel member Hugh-Fearnley-Whittingstall about whether there was anything in the Budget for green campaigners like him. Fearnley-Whittingstall says “almost nothing” and it was “hugely disappointing”.

She asks Lord Michael Howard for his view on the Budget, and he says Hunt “did the most that he could responsibly do” following the pandemic and war in Ukraine, and says he’s sure he would have liked to do more.

She also asks Sharon White what the outlook for Rachel Reeves is following the Budget. White says whoever the next chancellor is will have one of the toughest jobs in politics.

Several papers this morning are reporting Levelling Up Secretary Michael Gove’s stance on extremism in protests, while the Sunday Times reports that former PM Boris Johnson flew to Venezuela last month for what it describes as “secret talks” about the war in Ukraine.

You can read our review of today’s papers here.

And we’re live - Sunday with Laura Kuenssberg is now on air on BBC One, the BBC News Channel and BBC iPlayer.

You can press Play above to watch the show.

And we’ll bring you live text updates, clips, reaction and analysis right here on this page.

As always, we have a panel of guests in the studio to help Laura Kuenssberg pick apart this week’s interviews and look more broadly at the issues raised.

Sharing their thoughts this week will be:

• Celebrity chef Hugh Fearnley-Whittingstall

• Chair of the John Lewis Partnership Sharon White

• Former leader of the Conservative party Lord Michael Howard

Laura Kuenssberg
Presenter, Sunday with Laura Kuenssberg

Image source, PA

One of my guests this morning is Rachel Reeves - Labour’s shadow chancellor.

When she was a girl, she often spent school holidays with her grandparents in the Northamptonshire town of Kettering.

She'd be taken to do the rounds of other relatives, who would press the odd 20p piece into her and her sister Ellie's palms for holiday treats.

At the end of their week, they were taken to the local toy shop to choose their goodies, her sister Ellie tells me.

Like most of us as kids, Ellie would spend all of her cash. But the young Rachel would only allow herself something small - and save most of the money.

Decades later, Rachel Reeves, now Labour's shadow chancellor (Ellie is also a Labour MP), wants you to believe that kind of restraint defines her.

An MP since 2010, she has been talked about as a possible chancellor for years in Westminster's gossip factory. And while the election is miles away, and a lot could still change, right now she appears on track to become the most powerful woman in the country as chancellor.

Read Laura Kuenssberg’s profile of Rachel Reeves here.

As always, you’ll be able to watch Sunday with Laura Kuenssberg live at 09:00GMT without leaving this page - just hit Play at the top.

If you’re on your phone and can’t see the button, simply refresh your feed and it should appear.

The programme will also be available on BBC One and iPlayer - and we’ll bring you live updates, clips, reaction and analysis right here.

Stay tuned.

You might be able to guess why shadow chancellor Rachel Reeves is in the hot seat today - she’s Labour’s equivalent to Chancellor Jeremy Hunt, who delivered his annual Budget statement earlier in the week.

Labour has given its initial response to the Budget, but is still mulling over the details - we’re expecting to hear more on this shortly.

The government’s Health Secretary Victoria Atkins is also joining Laura in the red chair to talk about cuts to National Insurance and evidence that there is a growing number of people off work due to long-term illness.

Outside of politics, Laura will also speak to musician Justin Currie, of rock band del Amitri, who is the subject of a BBC Radio 4 documentary reflecting on the impact of his Parkinson's disease.

Image source, Getty Images

Image source, Reuters

Foreign Secretary Lord David Cameron says it is "incredibly frustrating" that Israel is not taking steps to allow more aid into Gaza amid a "terrible humanitarian situation".

Cameron told the BBC on Friday: "We need 500 trucks a day or more going into Gaza. In the last five days, we've been averaging 123."

He has called on Israel to open more crossing points to "fix" the problem.

His comments came after the US said it would construct a temporary harbour to ship aid into the Gaza Strip.

The UN says a quarter of Gaza's population is on the brink of famine and children are starving to death. The US joined other countries at the weekend in dropping aid by plane.

Read more on this story here.

Image source, PA

Another former Prime Minister in the news this week is Theresa May, who has announced that she will stand down as an MP at the next general election.

May, who led the country from 2016 to 2019 in the wake of the vote for Brexit, has represented Maidenhead in Berkshire for 27 years.

She has said the "difficult decision" to leave the seat will enable her to spend more time on "causes close to my heart".

May is one of 64 MPs elected as Conservatives set to quit Parliament.

Read more about the highs and lows of her career here.

After the Chancellor Jeremy Hunt finished delivering his spring Budget speech in the House of Commons, Labour Leader Sir Keir Starmer gave his response.

He labelled the Budget a "last desperate act" of the Conservatives and pointed to recent sharp increases in the cost of living to dispute the government’s claims that the Budget will make workers better off.

Shadow chancellor Rachel Reeves has said the Budget "lifted the lid on 14 years of Tory economic failure", adding that Labour was "now the party of economic responsibility".

She tells the BBC that her party will now "go through every pound" in the government's spending plans to fund Labour’s promised NHS and school breakfast plans.

Labour had planned to raise an extra £2bn compared to the government by replacing "non-dom" rules for UK residents based overseas for tax purposes, but Hunt stole the policy to partially fund the government’s latest cut to National Insurance.

Image source, Getty Images

Former Prime Minister Boris Johnson has been making headlines overnight after it has emerged he flew to Venezuela last month for a private meeting with the country's President Nicolás Maduro.

The talks were unofficial and not paid for by the UK government, the BBC has been told.

Johnson’s spokesman has said it was to “emphasise the need for Venezuela to embrace a proper democratic process”.

“He also set out the case for the cause of Ukrainian victory to the government of Venezuela,” the spokesman adds.

It is not clear who initiated or paid for the visit.

A spokesman for Foreign Secretary Lord Cameron has said it was a “private visit” but that Johnson texted him when he was on his way.

You can read our full story about his trip here.