Rachel Reeves faces £20bn black hole as economy slumps behind America.

Chancellor Rachel Reeves faces a £20bn black hole in the public finances as Britain’s economy struggles with weak growth and soaring borrowing costs, JP Morgan has warned.

The investment bank’s economists warned that slower economic growth and high interest rates will reduce the government’s ability to spend or invest freely.

Allan Monks, an economist at JP Morgan said: “Higher borrowing costs are just the tip of the iceberg, and weak growth is instead the main concern.”

Source: MSN