Friday, September 30News That Matters
Shadow

Tag: austerity&#039

'Ending austerity' will cost £19bn, IFS warns chancellor

'Ending austerity' will cost £19bn, IFS warns chancellor

Business
The only way the chancellor can end austerity is to borrow substantial sums or raise Britain's tax burden to the highest level for nearly 70 years, the Institute for Fiscal Studies (IFS) has warned. In its closely-watched green budget, a survey of the UK economy and public finances, the IFS said that even the mildest version of "ending austerity" would cost a minimum of £19bn - the equivalent of a penny on income tax, National Insurance and on VAT.The IFS added that there was effectively no prospect of a "Brexit dividend" for the public finances and warned that UK economic growth would remain weak for another two years.Its report comes a fortnight ahead of the chancellor's winter budget, in which he will unveil his latest plans for borrowing and spending. But the I...