The giant hole in government finances is more proof that austerity has failed | Miatta Fahnbulleh

A decade of disastrous policy has left the Treasury far worse off than expected. The next government must invest to rebuild

While much of the talk this week has been about the election, far less reported was the news that government coffers will probably be a massive 43bn worse off than expected. This would wipe out the often-quoted 27bn "headroom" built up by the former chancellor Philip Hammond to cope with the costs of Brexit, and overshoot the government's deficit target by 16bn.

Related: UK Treasury on course to exceed this year's deficit target by 16bn

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