New finance minister Rishi Sunak should resist the urge to rewrite Britain'...
LONDON - New finance minister Rishi Sunak should resist the urge to rewrite Britain’s fiscal rules ahead of the budget next month and he should make plain that any spending increases will mean more tax, a think-tank said on Wednesday.
The Institute for Fiscal Studies said the current path of borrowing raised the risk that the government would breach the fiscal rules that were part of Prime Minister Boris Johnson’s election manifesto, even before taking into account any extra spending to be announced in the budget. Another research institute, the Resolution Foundation, said on Monday that Sunak would have to raise taxes if he wants to increase spending. [nL5N2AO2F0]
The IFS said loosening or abandoning these rules would put underlying government debt on a rising path that would not be sustainable in the long run.
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