John Hawksworth Head of Macroeconomics PricewaterhouseCoopers LLP looks at how the Chancellor has raised taxes in the Pre-Budget Report by £2 billion to keep public borrowing on track
The Chancellor remained upbeat in his Pre-Budget Report (PBR) speech arguing that the UK economy would continue to grow strongly over the next few years and that the budget deficit would decline steadily from recent high levels over the next few years.
But the details in the report presented a somewhat different picture. Net tax increases of around £2 billion per annum from 2007/08 onwards were needed to plug a potential future gap in the public finances arising from lower projected North Sea oil revenues and an overshoot in social security and debt interest spending due to higher than expected inflation...
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John Hawksworth Head of Macroeconomics PricewaterhouseCoopers LLP looks at how the Chancellor has raised taxes in the Pre-Budget Report by £2 billion to keep public borrowing on track
The Chancellor remained upbeat in his Pre-Budget Report (PBR) speech arguing that the UK economy would continue to grow strongly over the next few years and that the budget deficit would decline steadily from recent high levels over the next few years.
But the details in the report presented a somewhat different picture. Net tax increases of around £2 billion per annum from 2007/08 onwards were needed to plug a potential future gap in the public finances arising from lower projected North Sea oil revenues and an overshoot in social security and debt interest spending due to higher than expected inflation...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
