OECD gives chancellor stark warning
The Organisation for Economic Co-operation and Development (OECD) has told the chancellor that he faces having to raise taxes or cut spending to curb burgeoning public borrowing.
The OECD warned that government borrowing would outstrip Gordon Brown’s forecasts, and that growth next year would most likely fall short of his expectations.
The Paris-based think-tank said this would leave him little choice but to raise taxes or cut back on his spending plans.
This stark assessment arrives just prior to the chancellor’s pre-Budget report tomorrow (Wednesday).