Jeremy Hunt’s Budget next month will raise taxes by a further £25 billion as part of efforts to plug the gaping black hole in the nation’s finances, it has been reported.
The fiscal statement has been pushed back from Monday so Rishi Sunak can ‘get under the bonnet’ of proposals to fill the £50 billion gap.
A government source told the Daily Mail the Chancellor is targeting a 50/50 split between spending cuts and tax rises.
The Prime Minister said on Friday he was working through ‘difficult decisions’ with Mr Hunt after they were warned economic growth is forecast to drop amid fears of a recession.
A day earlier the pair held a meeting on the November 17 budget lasting more than an hour, with the mood being characterised as ‘sober’.