The level of her ambition and the size of the mountain she must climb can be seen in the numbers. Britain owes £2.7 trillion an amount set to creep up each year through the rest of this parliament, and growth is expected to be no more than 2 per cent over the same period. The chancellor plans on raising tax by £40bn, much of it from businesses. She will spend £22.6bn more on the NHS to get it back on its feet.
Paul Johnson of the Institute for Fiscal Studies said her gamble is twofold. “The first gamble is that a big cash injection for public services over the next two years will be enough to turn performance around,” he said. If she gets it wrong, she will need to raise taxes again. If she gets it right, it could mean growth. “Which brings us to the second gamble: that this extra borrowing will be worthwhile,” he added.
Borrowing will be stepped up over the next four years, from £59bn a year to £85bn a year, with the funds earmarked for schools, hospitals and green energy projects. If this spending helps growth, her plan will work – but more debt means more debt payments.
Diese Geschichte stammt aus der October 31, 2024-Ausgabe von The Independent.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der October 31, 2024-Ausgabe von The Independent.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Tyson's another long-since faded fighter who just can't take retirement lying down
On Friday night in Texas, Mike Tyson joined a sad list of men behaving badly in a dangerous sport and he’s not bothered.
Stellar interim job may give Carsley future England shot
Eight debuts, five wins and one regret managing senior side
Late goal gifts Scotland Nations League lifeline
Andy Robertson marked his 80th cap with a sensational stoppage-time winner in Poland to keep Scotland’s hopes alive of staying in the top level of the UEFA Nations League.
Energy bills expected to rise again in the new year
Energy bills could be hiked yet again from 1 January as rising wholesale costs push up prices for households.
THAT'LL BE THE DEITY
Pop psychology superstar Jordan Peterson feels it's high time his voice was heard on the most grandiose of subjects: God. The power of Christ compels Helen Coffey to ask: why?
Queer villains are a cliche we should have moved past
Denzel Washington’s sly bisexual villain is a delight to behold in Gladiator II’, writes Louis Chilton. But when combined with two androgynous tyrants, a troubling trope emerges
The farmers' tax could be a pig in a poke for the country
With the agriculture sector warning the new tax will send us sleepwalking into a food shortage’, Zoé Beaty looks at the reality of an industry in crisis and how we may all pay a price
Trump's tariffs would lower our food standards but we may just have to stomach it
As if the dire predictions for Trump’s second term weren’t scary enough, the Centre for Economic and Business Research (CEBR) has now warned that The Donald’s 20 per cent tariff plan could reduce the UK economy by 0.9 per cent by the end of his administration.
It's not yet World War Three but 'World War Z' has begun
Time was when optimists responded to the imminence of world war with a cocky: \"It'll all be over by Christmas...\"
Australian senator says she will heckle the King again
Australian senator Lidia Thorpe tore up a copy of a motion censuring her for protesting against King Charles during his October visit when she accused him of genocide against Indigenous people.
