Chancellor will bear to raise taxes or make further cuts whether OBR downgrades its forecasts again,thinktank saysGeorge Osborne has only a 50% chance of meeting his plans to deliver a £10bn surplus on the public finances by 2020, the Institute for Fiscal Studies (IFS) has said.
On Wednesday Osborne was forced to acknowledge in his budget statement that a sharp deterioration in the growth forecasts published by the Office for Budget Responsibility (OBR) meant the public finances were £56bn weaker than expected over the next five years, and more than reversing the £27bn windfall the OBR predicted as recently as November.Continue reading...
Source: theguardian.com