The new government must introduce deeper spending cuts and greater tax hikes to protect the UK economy from further financial crises but only when recovery is secured, a leading think-tank has warned.
The National Institute of Economic and Social Research said current plans for fiscal tightening in the March Budget were insufficient and £30bn of extra measures should be introduced, split equally between public spending cuts and tax rises. This would put the UK in a position to cope with future economic disasters but it would require actions such as a 6p rise in the national rate of income tax and a 5% reduction in public sector wages over the next five years. more...
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