Scots are being warned their homes, pensions and incomes are at risk after it emerged Liz Truss may have to find £60 billion worth of cuts to get public finances back under control.
The Institute for Fiscal Studies (IFS) claimed it was not possible to deliver cuts on that scale through efficiency savings and "trimming the fat" - and that it would require major cuts to public services.
Analysts said failure to present a credible plan over how Westminster will reduce its debt mountain could result in a worse crisis than 1976, when the Labour government was forced to seek a bailout from the International Monetary Fund (IMF).
