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This would wipe out the headroom the chancellor has to meet her spending and borrowing rules, and could mean further tax rises or spending cuts.

On Wednesday US President Donald Trump announced new global tariffs, which could hit the UK's economic growth and wipe out the headroom the chancellor has to meet her spending and borrowing rules.

A system such as this, with equivalent global retaliation, would see the UK economy shrinking by 1%, enough to wipe out growth and lead to pressure for tax rises or spending cuts.

Any farther and neighborhoods are so completely wiped out they look like a war zone.

The OBR says that would more or less wipe out the headroom the government is predicted to have by 2029-30, reducing it "to almost zero".