“Borrowing was slightly better than expected in the first two months of the financial year, making the indicator a lonely amber light among the many red lights that are flashing with increasing rapidity on the government’s economic and fiscal dashboard.
“The downbeat mood in 11 Downing Street will not have been helped by the increasing consensus that the national debt is too big, the economy too small, and cost pressures too great for the Chancellor to avoid putting up taxes or relaxing her fiscal rules – or both – in the Autumn Budget later this year.
“While there is always a hope that tax rises can be kept to a minimum, we hope the Chancellor will take this opportunity to consult over the summer on a range of potential tax changes, even if they may not all be needed. It is time to end HM Treasury’s extremely bad habit of tinkering with the tax system with policies designed in haste in the run-up to each fiscal event.”
ENDS
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