Three stories: 🔴 £60bn of cuts needed to fund mini-budget, IFS warns 🔴 Zelenskyy vows to make battlefield 'more painful' for Russians 🔴 One in five care home workers living in poverty - before COL crisis
The IFS Green Budget found that the amount the government is set to pay on debt interest is set to rise in the next couple of years to the highest level, as a percentage of national income, since at least the late 1940s.How might the government balance the books?
Moreover, Citi said that the higher interest rates faced by consumers in their mortgages would also dampen economic growth in the coming years. "The specifics of the UK government's fiscal strategy are under more scrutiny by financial markets than at any point in the recent past. The chancellor should not rely on over-optimistic growth forecasts or promises of unspecified spending cuts. To do so would risk his plans lacking the credibility which recent events have shown to be so important.
But the same would apply to his recent package of tax cuts. He should not apply that argument asymmetrically."
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