Friday, 30 April 2010

Economists urge deeper cuts and higher taxes

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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