The Chancellor will unveil plans for an extra £70billion borrowing binge to pay for surging debt interest and welfare costs, City experts predicted on Saturday night.
They suggest John Healey is set to duck big spending decisions on defence, benefits and social care in his maiden Budget on Wednesday but hit banks and gambling firms with higher taxes instead.
He has also vowed to give households and firms ‘breathing space’ by cutting VAT on electricity bills and freezing fuel duty.
But to balance the books, Mr Healey will have to borrow tens of billions more than the Office for Budget Responsibility (OBR), the
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