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UK borrowing £64bn more than forecast, says IFS report UK borrowing will be £64bn more than forecast, says IFS
(35 minutes later)
UK borrowing is likely to be £64bn higher in 2014-15 than forecast, according to a closely watched report. UK borrowing is likely to be £64bn higher in 2014-15 than forecast in 2010, according to a closely watched report.
The Institute for Fiscal Studies (IFS) says that a weaker-than-expected economy will mean the government has to borrow a lot more, unless it imposes tax rises and further spending cuts. The Institute for Fiscal Studies (IFS) says a weak economy will mean the government has to borrow more than it forecast in 2010, unless it imposes tax rises and further spending cuts.
Public service spending could fall by a third by 2018, the IFS said. Public service spending could fall by a third by 2018, href="http://www.ifs.org.uk/pr/GB2013.pdf" title="link to IFS Green Budget 2013" >the IFS said.
The cuts could lead to the loss of about 1.2 million public sector jobs, it said in its Green Budget 2013. The cuts could also lead to the loss of about 1.2 million public sector jobs.
In its Green Budget 2013, the IFS predicted that the government would have to borrow more than forecast in 2013 and that Chancellor George Osborne was "on course to miss his own target of debt falling in 2015".
Despite cuts to benefits levels, social security spending was likely to rise from 28.5% to 32.5% of all public spending by 2017-18, the IFS said.
Although families with children will experience the biggest benefits cuts in this parliament, spending on tax credits overall has more than quadrupled to over £30bn a year between 1997-98 and 2010-11.
Government savings from benefits cuts are being offset by the planned increase in the personal tax allowance in 2013-14 - a tax cut that in effect neutralises the so-called austerity programme, argued the IFS.