A top City trade body has warned Chancellor John Healey that tax hikes at the October Budget would set the UK on the “road to ruin”.

There is no escaping the reality that it has been a gruelling week for John Healey. As he sat down with fellow finance ministers in Asheville, bond yields across the globe popped.

A top City trade body has warned Chancellor John Healey that tax hikes at the October Budget would set the UK on the “road to ruin”.