As things stand, we are not barreling towards economic disaster. But we are at risk of willing it into existence.

After a record-breaking tax grab in October, Rachel Reeves is eyeing up the taxpayer once again. The Chancellor framed the £41.5bn of tax rises in her maiden Budget as a “once in a Parliament” emergency intervention to help plug a £22bn “black hole” in the public finances.

Rising UK borrowing costs raise risk that chancellor will have to impose tighter fiscal policy as soon as March

Chancellor Rachel Reeves faces demands to cancel a trip to China as the UK economy descends into chaos. She is jetting off to Beijing despite fears that a crisis on the financial markets could force her to impose fresh tax hikes or impose swingeing spending cuts.