Economists say the state of public finances should not have come as a complete surprise to the new government.

Finance secretary says ‘tough decisions’ are needed to fill £1bn hole in the budget

Rachel Reeves tells Labour MPs that axing allowance for all but poorest pensioners will help plug £22bn hole in finances

Mention the £22bn hole in the public finances and the chancellor’s eyes light up. This is her time. Her chance to shine

Simon Case criticises Tory government’s failure to hold regular spending reviews in letter to Jeremy Hunt – who had challenged figure

Britain would have faced a run on the pound, higher interest rates and an economic crunch had Chancellor Rachel Reeves not scrapped a winter fuel...

Britain would have faced a run on the pound, higher interest rates and an economic crunch had Chancellor Rachel Reeves not scrapped a winter fuel...

Rachel Reeves says tough choices will have to be made over tax, spending and welfare.

PM defends choices such as cutting winter fuel allowance as long-term remedies as polls show his popularity falling