The chancellor tells Sam Coates – on the record – that she is considering tax rises and spending cuts ahead of a critical autumn budget.
In an exclusive interview – her first since being briefed by the Office for Budget Responsibility (OBR) on the size of the black hole – Rachel Reeves discusses whether there is a way out or if she’s stuck in a “doom loop”.
As she meets with economic leaders at the International Monetary Fund (IMF) in Washington – the duo consider the political ramifications and options on the table for her to plug the £20bn to £30bn gap in the public finances.