Speaking on Tuesday, the prime minister will say the government has also taken on a “societal black hole”.
It will come after chancellor Rachel Reeves claimed the government inherited a £22bn black hole in the public finances from the previous Conservative administration last month.
“Things are worse than we ever imagined”, he will warn, adding: “And that is why we have to take action and do things differently. Part of that is being honest with people – about the choices we face. And how tough this will be.
“Frankly – things will get worse before we get better.”
The warnings come as the government prepares for its first Budget, to be unveiled on 30 October, which will force the Treasury to take tough decisions on spending and taxation.
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