Picture by Pippa Fowles / No 10 Downing Street.

The Covid health emergency is far from over, but Chancellor Rishi Sunak has warned that the “economic emergency had only just begun”.

Wealth managers agreed yesterday’s (26 November) Spending Review was “naturally subdued” and highlighted a set of worrying figures on the state of the UK’s finances.

UK GDP will fall 11.3 percent this year – the largest fall for 30...