“Britain to borrow an extra £190bn as public finances sink deeper into the red
UK economy shrank by 0.2pc in the third quarter, with a 'prolonged recession' feared
The Government is set to borrow an extra £90bn this year and £99bn next year over and above the deficit official forecasters predicted in March, top economists have warned.
Spiralling inflation and the mounting cost of the energy rescue package will send the public finances deeper into the red, according to predictions from analysts at Bank of America, who said the budget deficit is on track to hit £189bn this financial year and £149bn in 2023-24.
It came as the National Institute of Economic and Social Research (NIESR) warned Jeremy Hunt that raising taxes and slashing spending in next week’s Autumn Statement to try to fill the hole in the public finances would risk making the situation worse by cutting off support just as the economy risks heading into recession.
Stephen Millard at NIESR said “in tough economic times you want to be expanding fiscal policy” rather than reining it in”
https://www.telegraph.co.uk/business...ads-recession/
Bring back Truss!
UK economy shrank by 0.2pc in the third quarter, with a 'prolonged recession' feared
The Government is set to borrow an extra £90bn this year and £99bn next year over and above the deficit official forecasters predicted in March, top economists have warned.
Spiralling inflation and the mounting cost of the energy rescue package will send the public finances deeper into the red, according to predictions from analysts at Bank of America, who said the budget deficit is on track to hit £189bn this financial year and £149bn in 2023-24.
It came as the National Institute of Economic and Social Research (NIESR) warned Jeremy Hunt that raising taxes and slashing spending in next week’s Autumn Statement to try to fill the hole in the public finances would risk making the situation worse by cutting off support just as the economy risks heading into recession.
Stephen Millard at NIESR said “in tough economic times you want to be expanding fiscal policy” rather than reining it in”
https://www.telegraph.co.uk/business...ads-recession/
Bring back Truss!
