UK’s Rishi Sunak is battling to balance the books
He will need to raise another £27bn just to match day-to-day spending and revenue within five years — according to the government’s fiscal watchdog
26 November 2020 - 14:41
London — Chancellor of the exchequer Rishi Sunak’s pledge to repair the UK’s public finances means he will need to raise billions of pounds through taxes or spending cuts that economists are warning could damage a recovery from the worst slump in three centuries.
Sunak is already facing a backlash for minimal spending cuts announced on Wednesday, which only amounted to a saving of about £10bn. That’s a drop in the ocean compared with the forecast £394bn of borrowing this fiscal year, a peace-time record...
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