Rishi Sunak and Chancellor Jeremy Hunt are considering up to £50bn of spending cuts and tax rises as they confront a gaping financial black hole ahead of the autumn budget.
The pair held a meeting on Thursday lasting more than an hour and characterised as “sober”, as they were warned economic growth is forecast to drop amid fears of a recession.
Treasury sources declined to put a figure on the savings being considered in the 17 November budget but they were believed to be looking for financial headroom of up to £10bn.
