 A Treasury source told the Times: 'Markets have calmed somewhat, but the picture is still bleak. 'Britain is facing an economic crisis with a massive fiscal black hole to fill. 'People should not underestimate the scale of this challenge, or how tough the decisions will have to be. We've seen what happens when governments ignore this reality.' Downing Street have refused to promise pensions or benefits will rise with inflation - despite Rishi Sunak previously saying they would. Raising the state pension by earnings instead would deprive more than 12million Brits of nearly £500 a year. Mental health organisations including Rethink Mental Illness, Mind and the Royal College of Psychiatrists today demanded Jeremy Hunt protect mental health funding. In a letter to the new Chancellor they said: 'We are now facing a crisis in the nation's mental health which the NHS alone cannot address on existing let alone reduced funding - no matter how dedicated and innovative its staff are. Rishi Sunak with his new Cabinet - who will need t){kind=link}
The cuts-happy former Chancellor was spotted arriving for talks at 11 Downing Street as it emerged Chancellor Jeremy Hunt now has to fill a £50bn black hole
Austerity Chancellor George Osborne has held talks in Downing Street as Rishi Sunak eyes up £50BILLION of spending cuts and tax rises.
The Tory slasher met one-to-one with new Chancellor Jeremy Hunt in 11 Downing Street on Thursday ahead of the November 17 Autumn Statement.
It was thought reported Mr Hunt had to fill a £35bn-a-year black hole left by Liz Truss ‘s tax cuts and the worsening economy.
But it’s understood the true figure is closer to £50bn-a-year.