Britain should raise income taxes by 6p in the pound to make bigger inroads into its huge deficit or risk being vulnerable to the next financial crisis, according to a leading thinktank that advises the Treasury.
Current plans by the political parties to reduce spending and pay down debt would not be enough to prepare the country for a collapse like that of Lehman Brothers and a deep recession, said the National Institute of Economic and Social Research (NIESR).
The hard-hitting criticism of plans by all political parties to cut the deficit, and especially the reliance on "mythical" efficiency savings, came as Europe was convulsed for a second day by the aftershocks of Standard & Poor's decision to downgrade Spanish government debt. more...
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