UK needs £15bn in cuts or tax rises to clear deficit by 2022, says IFS
by Katie Allen from on (#2N3N5)
Tory austerity drive has made little difference to public spending as a share of national income, leading thinktank finds
It will take an extra 15bn of spending cuts or tax rises to eliminate the budget deficit by the time of the 2022 election, a leading thinktank has said as it laid bare the damaging legacy of the financial crisison UK living standards and public finances.
The Institute for Fiscal Studies said that despite "two parliaments of pain", the Conservative-led austerity drive had made little difference to public spending when measured as a share of national income and compared with pre-downturn levels.
Related: UK government borrowing at lowest level since 2008 financial crisis
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