Chancellor John Healey is facing a £22bn black hole, making another round of tax rises 'pretty much guaranteed', economists have warned

Andy Burnham sent borrowing costs soaring on Monday as he vowed to exploit 'any flexibility' in the fiscal rules before naming John Healey Chancellor of the Exchequer.

New figures on borrowing reflect Healey’s difficult in-tray just as defence spending pressures come to bite.

Chancellor John Healey is facing a £22bn black hole, making another round of tax rises 'pretty much guaranteed', economists have warned