TaxAdministrationTreasury needs more cash to plug black hole

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

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.

Further reading:

US Treasury moots lower corp tax, VAT

Read
story in the Daily Express

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