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"Tax cuts off the table as Britain heads for recession'
October 17, 2023
|Daily Express
HOPES of a pre-election tax giveaway have been dealt a severe blow amid dire warnings Britain is heading for a recession next year
Experts believe the economy is in a "horrible fiscal bind" and the "dam is bursting" on public finances after Covid and the cost-of-living crisis.
The Institute for Fiscal Studies claims in its latest Green Budget that the UK will slump into a "moderate" recession in the first half of 2024 as borrowing costs remain high.
The report analysed the challenges facing Chancellor Jeremy Hunt ahead of next month's Autumn Statement, concluding there is little room for tax cuts "any time soon", based on the state of public finances.
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