OBR forecasts likely to show £60bn-£70bn hole after Kwarteng’s mini-budget

Predictions handed to chancellor expected to paint gloomy picture for UK economy amid sweeping tax cuts

Kwasi Kwarteng has been handed independent forecasts on the state of the UK finances that are expected to show a hole of more than 60bn left by his sweeping tax cuts and a sharply slowing growth outlook.

At the end of a turbulent week for Liz Truss's government, the chancellor was on Friday handed the initial predictions for the economy and public finances by the Office for Budget Responsibility (OBR) which are likely to paint a gloomy picture.