Chancellor George Osborne is facing a £30 billion black hole in his budgetary plans if he is to honor the Conservative Party’s general election pledges and still meet the party’s deficit-slashing targets by 2020, the Institute for Fiscal Studies warns.
The IFS’ scathing assessment of Osborne’s spending pledges surfaced in its pre-election analysis, a mere 15 days ahead of Britain’s general election.
The tax think tank’s report, published on Thursday, found the Tories would need to make the cuts from government departments by 2020. The IFS said this £30 billion black hole would exist even if Prime Minister David Cameron’s party managed to raise £10 billion from yet-to-be clarified welfare cuts, and a further £5 billion from its proposed measures to clamp down on tax-avoidance.
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Lucas 2012 Infos 