Share price falls,low oil prices, Brexit and volatile tax receipts just a few factors that may force chancellor into deeper spending cuts or tax rises to reach budget surplus
Britain’s leading experts on the public finances are warning that the turmoil on global stock markets threatens to leave a £2bn black gap in George Osborne’s deficit-reduction plans that could force the chancellor to raise taxes or make fresh cuts in spending to hit his budget targets.
On a day in which share prices crashed in Europe and the US, and the Institute for Fiscal Studies said Osborne’s design to keep the UK back in the black by the end of the current parliament was vulnerable to a protracted financial market panic.
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Source: theguardian.com