Bridgewater founder Ray Dalio in a Bloomberg interview described China’s situation as “more challenging than Japan in 1990,” with the economy needing a restructuring. Beamis

China’s broad budget expenditure shrank at a faster clip amid an unprecedented drop in income earned by local governments from land sales, an alarming sign for an economy desperately in need of fiscal support.

A long-running measure of how consumers feel about their finances and the economy has fallen sharply, raising concerns that the government's warning that the Budget will be "painful" has shaken people's confidence.

Rachel Reeves will raise taxes by up to £16 billion in the autumn Budget to avoid inflicting austerity cuts on Britain’s public services, economists are predicting. They believe the Chancellor may hike inheritance tax,