RISHI Sunak is preparing to drastically cut public spending and hike taxes in the government’s upcoming Autumn budget.
Treasury officials say Britain faces a daunting £50bn black hole in public finances.
In order to close the gap and ultimately save the “bleak” economy, tough decisions will have to be made.
On November 17 Chancellor Jeremy Hunt will confirm the government’s exact plan to balance the books.
It could involve less money being spent on vital services such as the NHS, policing, courts and schools.