George Osborne faces a black hole of more than £20bn in the public finances, according to official government economic models. The news suggests that Britain might have to endure an extra year of austerity before the books are balanced. Full story >>
A black hole is a region of space having a gravitational field so intense that no matter or radiation can escape. The term black hole can also be used figuratively, as in the FT's healdine, to describe something that consumes a resource continually. • The company viewed the venture as a financial black hole (= it would use a lot of the company's money with no real result).