FT – Reeves banks on Budget tax rises to plug deepening black hole of $40bn 

Chancellor of the Exchequer Rachel Reeves has “identified a £40 billion funding gap” , reports the Financial Times. The paper says that the Treasury is seeking to close the gap, which is more than previously expected, with tax rises in the Budget. 

Elsewhere, the International Monetary Fund said global public debt is expected to surpass $100 trillion, it reports, after a surge in government borrowing since the start of the pandemic.