UK Needs £60 Billion Public Spending Cuts, IFS Says

Britain's Chancellor of the Exchequer Kwasi Kwarteng follows Britain's Prime Minister Liz Truss out of her hotel on the third day of the annual Conservative Party Conference in Birmingham, central England, on Oct. 4, 2022. Oli Scarff/AFP via Getty Images

The UK government will need to cut at least £60 billion ($66.7 billion) in spending to keep debt in control, according to think tank the Institute for Fiscal Studies (IFS).

It comes after the government announced an uncosted £65 billion ($72 billion) energy support package and £45 billion ($50 billion) worth of tax cuts along with parts of its plans to boost economic growth.