Taxes can be ratcheted up only to a certain extent before revenues crash – we have reached that point

Chancellor on course to miss targets and spending promises as finances plunge deeper into the red

Leading economists say the chancellor may have to raise taxes, cut public spending or tear up her fiscal rules

Rachel Reeves will have to increase taxes substantially this autumn to fill a £50billion black hole, economists warned last night.

Taxes can be ratcheted up only to a certain extent before revenues crash – we have reached that point

With public finances deteriorating at speed, a repeat of her maiden Budget is now almost certain