Rachel Reeves axes winter fuel payments for millions of pensioners - live

Rachel Reeves has revealed plans to tackle a projected overspend of £22 billion, including cuts to winter fuel payments and infrastructure projects.

In a speech in the House of Commons on Monday, the chancellor accused the previous Tory government of “covering up the true state of the public finances” as she revealed the results of the Treasury spending audit she commissioned.

Ms Reeves said she is taking the “difficult decision” that those not in receipt of pension credit or other means-tested benefits will no longer receive the winter fuel payment from this year onwards.

A new Office of Value for Money, a Labour manifesto pledge, will start work right away to identify and recommend areas where the government can save money in the current financial year, she said.

The office is expected to announce public cuts worth billions to plug the gap in the public finances that could see the cancellation of projects including the road tunnel near Stonehenge and Boris Johnson’s New Hospital programme.