BusinessCompany NewsPwC agrees Chancellor may break Golden Rule

PwC agrees Chancellor may break Golden Rule

PricewaterhouseCoopers has added its name to the list of those who claimthe Chancellor could end up breaking his golden economic rule.

Link: Brown set to break Golden Rule

A PwC report just published concludes that the Brown could end up borrowing to fund current spending.

Since taking power in 1997, the Chancellor’s Golden Rule has been to borrow only to fund investment.

PwC said taxes might have to rise by at least £7bn to cut the budget deficit unless spending can be reduced after 2007.

The firm joins Ernst & Young in claiming that the Golden Rule could be broken.

And weaker than expected tax revenue figures in September also prompted speculation that Number 11 would need to borrow to cover the current cost of spending.

Brown has budgeted to borrow £33bn over the course of the current financial year.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor