Tax & Spend
Kwarteng Told He Needs to Find £60 Billion of UK Spending Cuts
- IFS suggests cuts about double the size of defense budget
- Research group says government debt on an unsustainable path
This article is for subscribers only.
Britain is facing calls to slash public spending by an amount twice as big as the annual defense budget to stabilize the public finances and halt a snowballing market rout.
The influential Institute for Fiscal Studies estimated Chancellor of the Exchequer Kwasi Kwarteng will need to find savings of at least £60 billion ($66 billion) to shore up confidence by the time he presents his fiscal plan on Oct. 31.