IFS Predicts Borrowing to be £55 Billion Higher than Forecast Four Years Ago

The IFS’s pre-Budget 2020 report makes for less-than-positive reading for fiscal conservatives, with the think tank saying government borrowing in 2019-20 is set to be £44 billion – £55 billion more than the £10 billion surplus they forecast Britain to be enjoying by now in their 2016 forecast. With Boris’s current spending plans, borrowing will rise to £63 billion next year…

The IFS has also said that Rishi Sunak should “recognise that more spending must require more tax”. It seems Rishi is taking this to heart, with reports this morning of plans to increase taxes for diesel used by off-road vehicles and machinery, and cut Agricultural Relief and Business Property Relief. Both policies would raise £3.2 billion – far off the £100 billion Boris is said to need for his splurge…

Thankfully it does seem the Chancellor is turning away from the idea of raising fuel duty after lobbying from Tory MPs in northern Red Wall seats. A letter signed by 18 ‘Blue Collar’ Tories makes the obvious point such a rise would hit working-class communities the hardest...

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