Government finances have received a boost from surging oil prices, which in turn have increased tax revenues in recent months, according to the National Institute of Economic and Social Research.
Senior research fellow Ray Barrell told The Guardian that oil prices were about $10 a barrel higher than last quarter, which had boosted UK tax revenues by about £2bn in the fiscal year just ended.
But he thought that taxes would still need to rise by £7bn to £8bn a year in the next parliament to help the chancellor meet his fiscal ‘golden rules’.
The think-tank’s latest quarterly review of the global economy also found that the UK’s economic prospects were brighter than that of the US.
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