Sunak declined to commit specifically to tax rises, saying any decision would need to wait for his annual budget statement due early next year. “Once we get through this and we have more certainty about the economic outlook, we’ll need to look at how we can make sure we have a strong set of public finances,” he added on Thursday. “This may not quite be a return to austerity, but for some public services it may not feel much different,” IFS director Paul Johnson said. Record-low interest rates made the high level of debt affordable, and spending on debt interest is due to fall to a record low share of public spending, despite the surge in borrowing, the OBR forecast. But Britain was becoming more vulnerable to any unexpected rise in global interest rates, the forecasting body warned.

Source: Dhaka Tribune November 26, 2020 11:26 UTC