Both the country and the government must face the truth: either taxes will have to rise or services will need to be cut. We can’t have both

Economy and policy
Analyses of key economic trends and policy developments impacting businesses, markets and global growth

The prime minister is seeing his popularity – and his authority – fade as a series of costly U-turns make tax rises ever more likely
With Labour committed to spending more on defence, we need to be clearer on the trade-offs – while realising ultimately it can boost the economy
Labour believes a trade deal with the US will change its political fortunes, but there are numerous obstacles in the way