UK needs 62 billion pounds of cuts or tax rises to tame debt – IFS

British finance minister Kwasi Kwarteng needs to make 62 billion pounds ($69 billion) of spending cuts or tax rises to stop public debt growing ever-larger as a share of the economy, the Institute for Fiscal Studies (IFS) said in a report on Tuesday.

by | 11 Oct, 2022

Interest rates for new long-term government borrowing leapt to a 20-year high last month, after Kwarteng announced 45 billion pounds of unfunded tax cuts, on top of even greater short-term support for households’ and businesses’ energy bills.

Kwarteng has sought to regain market confidence by scrapping a plan to axe Britain’s top rate of income tax – saving 2 billion pounds – and bringing forward plans for new forecasts and a debt reduction plan to Oct. 31.

Read more at Reuters

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