IFS: Britain in ‘Horrible Fiscal Bind’ Amid High Debt Spending

Leading economists have warned that there was little room for tax cuts or increased spending at a time when the UK economy ’remains stuck.’

Chancellor of the Exchequer Jeremy Hunt leaves 11 Downing Street in London, on March 15, 2023. Stefan Rousseau/PA Wire

The UK is in a “horrible fiscal bind,” where poor growth and high spending on debt interest will lead to a period of high taxes, leading economists have warned.

The Institute for Fiscal Studies (IFS) has analysed the economic challenges facing Chancellor Jeremy Hunt, as he is preparing to deliver the Autumn Statement on Nov. 22.