Breathe deep. The belt-tightening is about to begin. Ever since the election, Labour Cabinet ministers have been announcing that things in their departments are even worse than they thought. On Monday comes the big one: the Chancellor will reveal (shock) that the public finances are even worse than she imagined, to the tune of £20 billion. Cue more tax rises to be announced in the autumn, on top of a Tory tax burden that was already on course to hit its highest level since the 1940s.
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