Treasury needs more cash to plug black hole
A Grant Thornton report reveals Treasury needs more cash to plug a widening black hole in the government's finances
Net public sector borrowing in November totalled £11.2bn, compared with
£7.3bn in the corresponding month of the previous year, according to the
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.