| Author (Person) | Emmerson, Carl, Pope, Thomas |
|---|---|
| Publisher | Institute for Fiscal Studies |
| Series Title | IFS Briefing Note |
| Series Details | BN188, November 2016 |
| Publication Date | November 2016 |
| ISBN | 978-1-911102-25-0 |
| Content Type | Report |
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The Institute for Fiscal Studies published on the 8 November 2016 a report called Winter is Coming: the outlook for the public finances in the 2016 Autumn Statement. The headline findings suggested that in the Autumn Statement expected on the 23 November 2016 by the Chancellor of the Exchequer lower growth forecasts would push up forecast United Kingdom government borrowing and debt. By 2019–20 the central estimate was that, with no policy change, lower growth could result in tax revenues being £31 billion lower than forecast in the 2016 Budget. This might be offset by £6 billion lower spending if the UK stopped any payments to the EU budget. The net effect of borrowing £25 billion more than forecast in the Budget, would imply a deficit of £14.9 billion rather than the £10.4 billion surplus that George Osborne was aiming for. These figures assumed all the challenging spending cuts announced by Mr Osborne were delivered, including £3.5 billion of unspecified 'efficiencies' pencilled in for 2019–20. They did not take account of the income tax cuts promised in the Conservative manifesto but not yet enacted. They assumed no EU Budget contributions in 2019–20. |
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| Source Link | http://ukandeu.ac.uk/wp-content/uploads/2016/04/BN181.pdf |
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| Countries / Regions | United Kingdom |
