The Latest Breaking News from Rachel Reeves

Labour chancellor has been warned of a £50bn black hole in the government’s finances and that inflation will see consumers hit with higher prices this winter

INSIDE WESTMINSTER: Despite the humiliating U-turn on cuts to disability benefits, the prime minister has not given up on reducing ballooning social security spending. Ministers believe they have now found a way to proceed – and how to quash any rebellion, says Andrew Grice

Banks will pass details to HMRC before tax is withdrawn straight from paypackets for some people

YOUR VIEWS: Our community is split over whether raising income tax is the fairest way to plug Britain’s £50bn budget gap or a risky move that could harm growth and Labour’s political standing

COMMENT: By commemorating the ‘8888’ uprising of August 8 1988 – when Myanmar’s military regime turned its guns on thousands of peaceful protesters – we not only mark the past, but cast new light on the country’s decades-long struggle for freedom, says Benedict Rogers

Stock market news and latest business and finance updates from Friday

Exclusive: The Guardian has been told that discussions about increases include a near-certain gambling levy

THE INDEPENDENT VIEW: Editorial: Despite interest rates being brought to their lowest level in more than two years, a combination of meagre economic growth, high government spending and U-turns over proposed welfare cuts has trapped Labour in a fiscal straitjacket. But the chancellor must remember that good policy is good…

Labour prime minister Keir Starmer has pledged that plans to be set out in the Budget this autumn will ensure that ‘people feel better off’