A Grant Thornton report reveals Treasury needs more cash to plug a widening black hole in the government's finances
Accountancy Age, 02 Jan 2008
An independent report by accountancy firm Grant Thornton says Treasury would need more cash from taxpayers, to the tune of an extra £200 from millions of UK households in 2008.
Net public sector borrowing in November totalled £11.2bn, compared with £7.3bn in the corresponding month of the previous year, according to the Daily Express.
In a research note, Maurice Fitzpatrick, a Grant Thornton economist and taxation analyst, said higher borrowing would present chancellor Alistair Darling with tough choices.
‘Realistically, the Treasury cannot allow public borrowing to be higher than forecast. If this threatened to happen, the Treasury would have to reduce public spending or increase tax,’ he said.
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