The Government will have to borrow as much as £75bn more than it intended over the next five years, delivering a damaging blow to Chancellor George Osborne’s hopes of claiming that the Government has the country’s deficit under control. In Mr Osborne’s last Autumn Statement this Wednesday before the general election, his attempts to boast of the Conservatives’ economic record are set to be over-shadowed by new, bleak fiscal forecasts from the Office of Budget Responsibility (OBR). Collapsing revenues from oil sales, stamp duty and income tax mean the Chancellor will be forced to admit his plans to bring the deficit down could be knocked off track. Borrowing is also expected to be revised upwards by the OBR, with the cumulative deficit expected to reach nearly £280bn by the end of the decade – £75bn more than expected. The Government has already had to borrow £3.7bn more in the first seven months of this year as the dividends of recovery fail to show up in Treasury coffers... independent.co.uk/news/uk/politics/autumn-statement-bleak-borrowing-prediction-rocks-george-osbornes-deficit-hopes-9894401.html
Posted on: Mon, 01 Dec 2014 09:59:47 +0000
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