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More tax increases or spending cuts needed to pay for cost of credit crunch

Authors: Robert Chote , Carl Emmerson , David Miles and Jonathan Shaw
Date: 28 January 2009
Type: Press Release,

Abstract

The Government - or its successor - will need fresh tax increases or spending cuts worth an extra £20 billion a year by the end of the next Parliament, if it is to expect to repair the public finances as planned in November's Pre-Budget Report, according to the 2009 IFS Green Budget. Even if it acts, public sector debt may well not return to pre-crisis levels for more than 20 years.

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