Exclusive: Andy Burnham is facing a significant deterioration in the public finances that will leave him needing to find about £10 billion in either tax rises or spending cuts in his first budget. The State of It, the political podcast from The Times and The Sunday Times has been... told that the Office for Budget Responsibility, the fiscal watchdog, has entered its critical ten-day forecast period when it assesses the state of the economy The findings are used to calculate the cost of debt interest that underpins the budget A senior government source said that the timing is “hugely challenging” for John Healey, the chancellor, because of the impact of the war in Iran. Economists believe that it makes tax rises or spending cuts inevitable While Healey wants what he has described to colleagues as a “focused budget”, economists said the government’s £23 billion worth of fiscal headroom - a cushion against future spending - has fallen to as little as £5 billion once the cost of Burnham’s pledges on the cost of living have been factored in Healey has signalled to markets that he intends to ensure there is a “buffer” in the budget to protect against uncertainty bu has not said how much. One government source said there have been discussions about a buffer of £15bn The pressures are everywhere. The average energy bill is forecast to rise by as much as 26 per cent in January, equivalent to £442 a year. The government is considering options for further support for the poorest households, a move that will add to pressure on the public financesshow more

Remember, Labour faces this dilemma and yet still wants to surrender the Chagos Islands and give Mauritius £30bn plus on top. Not a serious government.

Spoiler alert. It's tax rises.

They don't have the slightest clue what they're doing. Burnham can't rise above average mayor level. They're winging it

It's the fault of Thatcher, the fault of Truss, the Iran war, maybe even Trump... can we not acknowledge that, whilst there are external factors, the labour party needs to take some responsibility too, and Burnham and Healey cannot act as if they just 'didn't realise'..

Stop sending our money to foreign countries is a fucking start

Brace yourselves for the shocked faces when 'tough choices' inevitably translates to squeezing the ordinary taxpayer yet again. Proper Labour approach tactics.

We simply can’t take much more. I have no money left now after years of saving and working. Things are unaffordable and life is utterly miserable. Tax rises? No.

Is Burnham and Healey suggesting the @UKLabour government have mismanaged the British economy?

For context, triple lock currently costs £16bn per year.

But he's clearly got money to burn. He's going to waste more millions giving mayors more power:

Sorry to burst your bubble but that's not exclusive news

At some stage I'm expecting the IMF to step in (sit down Tom Cruise) and Labour will go on to blame absolutely everyone and everything but themselves. Meanwhile, taxes will be cranked up with the PM "only asking for a little bit more" from anyone earning over the average salary. But, somehow MPs will be insulated from this increase. And, having torn up the manifesto promise on tax, will abandon the entire thing completely.

The sooner the state goes bankrupt the better. These idiotic politicians have been so greedy for decades. The people of this country are going to learn the hard way.

Same old story: rich people telling poor people you need to suffer for the financial markets

No doubt welfare will come up and disability and obviously fair to have a debate on that. But they could save money by addressing private rents and what that is costing in housing support as part of welfare. Why is that being ignored?

Oh what another surprise? Its like a pantomime routine . Same farce every year. This one has a fun twist I guess - it was their own friend Rachel who forgot to leave this year’s note! Obviously Overseas aid must go to zero and the welfare bill will need to be cut. They have already increased the taxes on working people and their wages by vast amounts despite lying to us about their intentions.

Tax cuts and spending cuts are vital. Only Reform can offer the solutions we need

Don't worry, I was Mayor of Manchester now the first Prime Minister Influencer (I thought of that name) also Instagram and Tik Tok. So please subscribe, hit the notifications button and smash a Like .. More taxes coming for you, eh cocker!