According to the Ernst & Young Item Club, the deficit in public finances has grown so much, that the only way to offset this will be to raise taxes after the next General Election. They are predicting a six billion pounds shortfall for the current financial year, rather than the £3.9 billion expected by the Chancellor.
The group have also suggested that it has not been the consumer that has driven the economy over the past few years, but the public sector, and they haven't been generating the tax returns needed to balance the economy.
Our view
No shocks there then. Since Labour came to power in the 90's we have had literally hundreds of stealth tax rises that people have either missed or have forgotten about. This will only get worse.
However, we add that under any other "party" plan, taxes will have to rise. We are getting older, there are less workers, there are greater bills. Businesses and youngsters will pay more!