Rampant Inflation Could Land Healey with £35bn Bill

UK’s Healey can’t risk a ‘steady as you go’ budget, think tank warns

By William Schomberg LONDON, Oct 12 (Reuters) - British finance minister John Healey will need to find £36 billion ($47.6 billion) in tax hikes or welfare cuts in his first budget just to offset the inflation hit to public services and meet a defence s...

Tax rise threat to London in Chancellor John Healey Budget laid out by top economists

The Institute for Fiscal Studies warned of ‘chunky cuts’ to public services if Mr Healey does not raise taxes or cut benefits by up to £35 billion

Tax rises needed to plug £35bn hole in Budget, UK economists warn Healey

The Chancellor faces a choice of whether to 'tolerate' large real-terms cuts to public services or 'top up' spending by tens of billions of pounds, top think-tank says

Rampant inflation could land Healey with £35bn bill

Soaring inflation could force the Chancellor to commit to more government spending, posing a worse Budget headache than a narrowing fiscal headroom, a top think tank has warned. John Healey might have to top up department budgets by as much as £35bn by the end of the decade to stop the real-terms value of spending being eroded by rampant inflation, the Institute for Fiscal Studies (IFS) has said. The Chancellor has been warned that soaring borro…