A Treasury borrowing binge is ‘unsustainable’ – but it'll probably still happen
The IFS has advised the chancellor Rishi Sunak that he will have to raise taxes to avoid breaking his fiscal rules. In which case expect No 10’s ‘stooge’ to start ripping up the rulebook, says James Moore
The Institute for Fiscal Studies has laid out three options forRishi Sunak, the man whose official title is chancellor of the exchequer but for whom the word “stooge” has often been used, given the current official fiscal rules he’s supposed to be operating under going into the Budget.
His first option is to entrench austerity. We can probably bin that. It would be brutal, cruel, and damaging to the economy and there’s a decade’s worth of evidence for that. Download the new Independent Premium app Read more: The Independent »
WILL happen? Have you not seen the already unprecedentedly high level of national debt? We spend five times as much each year on national debt interest as we sent the EU. And Tory govts ALWAYS borrow more and repay less than Labour govts. But hey, Brexit - and we - got done.
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IFS urges Rishi Sunak to raise taxes in budget to fund spending spreeThinktank says taxes hike in budget needed or chancellor risks breaking borrowing rules Get to fuck, we already have record levels of austerity, poverty, no rise in wage for 10 years and the cost of living going up a ridiculous amount with no affordable houses in the UK. If you want a yellow-jacket level rebellion like France is dealing with, just try it. So when London will be taxed to pay for pork barrel...