Britain's budget deficit is likely to more than double to around 100 billio...
LONDON - Britain’s budget deficit is likely to more than double to around 100 billion pounds if the country leaves the European Union without a deal, quickly requiring a return to austerity, a leading think-tank said on Tuesday.
The Institute for Fiscal Studies predicted borrowing would rise to 92 billion pounds - equivalent to 4% of national income - by 2021/22 under a “relatively benign” no-deal Brexit scenario, in which there are no major delays at borders. “A no-deal Brexit would likely require a fiscal short-term stimulus followed by a swift return to austerity,” IFS deputy director Carl Emmerson said.
Even without Brexit, Britain was likely to have to raise tax rates to fund the cost of pensions and public healthcare for an ageing population, it said.
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