Next UK Government Faces Worst Fiscal Inheritance in 70 Years
- IFS says election winner will need to run big primary surplus
- Researcher calls for honesty about tax and spending trade-offs
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The next UK government will inherit the most challenging set of tax and spending problems in 70 years, according to a leading think tank.
The Institute for Fiscal Studies said high interest costs and feeble growth mean the winner of the general election expected later this year will find it “more difficult to reduce debt as a fraction of national income than in any parliament since at least the 1950s.”