The black hole in the public finances is set to require as much as £40bn in tax rises or spending cuts from Rachel Reeves , economists fear as the Treasury braces for another brutal Budget.

Heading in to this week’s Labour party conference in Liverpool , the Chancellor admitted that the economic outlook is “very uncertain” ahead of the Budget in November.

Her allies are set to blame much of the shortfall in the Exchequer on Conservative policies such as austerity and leaving the European Union, The i Paper understands. New Feature

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On Friday the official watchdog, the Office for Budget Responsibility (OBR), will submit its first estimates of the trajectory for the UK economy and public finances over the next five years.

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