Tory grandees have warned tax rises will be needed to fill the massive black hole in the public finances - claiming the government is kidding itself' about the scale of the problem. Former chancellor Ken Clarke and ex-minister John Penrose said the 'scale and depth' of Britain's debt problem was being underestimated. The pair wrote to Chancellor Philip Hammond last week emphasising their anxiety about the way public debt is calculated. They pointed out that the Government's future liabilities, such as public sector pensions, are not included in Treasury figures. 'The Government takes a balanced approach to repairing the public finances, reducing debt and investing in our vital public services.'

Source: Daily Mail March 18, 2018 16:41 UTC