By Chris Dorrell Rachel Reeves announced spending cuts worth £5.5bn as the new government seeks to address a £22bn black hole in the public finances. In a statement to the House of Commons, the Chancellor said the “inheritance from the previous government is unforgivable”. “They spent like there’s no tomorrow because they knew someone else would pick up the bill,” she said. The statement detailed the results of an internal Treasury audit on the state of the public finances commissioned by the Chancellor upon entering office. The review found that there is expected to be an overspend on departm…