UK Austerity Until 2018
Published / Last Updated on 25/11/2012
UK Austerity Until 2018.
The Institute for Fiscal Studies (IFS) has suggested that tighter controls on public spending may continue until 2018 if growth prospects downgrade and lower government tax receipts continue.
George Osborne may have to implement tax rises and spending cuts to try and find another £11bn if the economy does not pick up, these would be on top of the £8bn of cuts already being shown on the Budget.
The IFS suggests that if borrowing continued at the same rate for the rest of the year, the government would miss its borrowing target by £13bn.