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Type: Newspaper Articles Authors: Rowena Crawford and Gemma Tetlow
Published in: Public Finance Magazine
To fill the fiscal hole, the next government will have to slash some budgets by as much as 25%, cut benefits or raise taxes.
The December 2009 Pre-Budget Report estimates that the recession and financial crisis have punched a permanent £73bn hole in the public finances. As part of the eight-year repair job currently planned by Labour, cuts to public spending will fill £32bn of this hole by 2014/15. In large part this will be achieved by freezing total public spending in real terms for four years from April 2011. Search |
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