Osborne tax cuts for wealthy create £32bn headache, says thinktank
by Phillip Inman from Economics | The Guardian on (#17CX5)
Resolution Foundation says 'misguided' cuts have turned goal of budget surplus by 2020 into a Herculean task
George Osborne's latest tax cuts for the wealthy will leave him with a Herculean task of reducing borrowing by 32bn to meet his budget surplus rule in 2019-20, according to the Resolution Foundation.
A string of giveaways in the next couple of years will increase government borrowing above his previous forecasts and force him to find 32bn of tax rises and spending cuts in the last year of the parliament.
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