Borrowing in 2014/15 will be £64B higher than forecast

Borrowing in 2014/15 will be £64B higher than forecast

Borrowing up now and in the future – The Institute of Fiscal Studies (IFS)

Over this parliament the Chancellor is planning to borrow much more than he originally intended. He will be borrowing £64B more in 2014–15 than he forecast just two years ago.

The Government is now pursuing a looser policy than that permitted by the last government’s Fiscal Responsibility Act. Had that legislation not been repealed, the Chancellor would have been obliged to cut spending or increase taxes by around an additional £8B next year.

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