chancellor

The prime minister is leading a delegation of more than 100 entrepreneurs, cultural leaders and university vice chancellors, as he attempts to boost UK investment and improve sluggish economic growth.

The vice chancellor said the foundation was a "very reputable" group of leading Kazakhstani business people.

The Conservatives will set out proposals later on cutting public spending on welfare, aid and civil servants which the shadow chancellor will say would save £47bn over five years.

However, a Treasury source told the BBC: "When both the Labour chancellor and Conservative leader agree with each other you've lost the argument."

Economists have said taxes will have to go up in the autumn Budget if the chancellor is to meet her self-imposed rules on borrowing to fund public services.