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Britain faces a £25 billion ‘deterioration’ in its public finances

Edit Business Insider 08 Nov 2016

The IFS said the forecasts were uncertain and there was a good chance the UK's economic position could be a lot better or a lot worse than thought ... Earlier this year the IFS said the fallout from a so-called hard Brexit would weaken the government's finances by as much as £39 billion by 2020 in a worst-case scenario, adding two years onto policies of austerity....

UK Government faces £25bn Brexit ‘black hole’

Edit Scotsman 08 Nov 2016

The IFS estimates that by 2019-20 lower growth could see tax revenues £31 billion lower than forecast in this year's Budget, if financial policy remains the same. The IFS states this could be offset by £6 billion lower spending if the UK halts any payments to the EU budget ... The figures, produced in an IFS report funded by the Economic and Social ......

Government 'may have to borrow £25bn more by 2019-20 than forecast in Budget'

Edit Belfast Telegraph 08 Nov 2016

The IFS estimates that by 2019-20 lower growth could see tax revenues £31 billion lower than forecast in this year's Budget, if financial policy remains the same. The IFS states this could be offset by £6 billion lower spending if the UK halts any payments to the EU budget ... The figures, produced in an IFS report funded by the Economic and Social ......

£25bn hole will limit Philip Hammond's options in autumn statement, says IFS

Edit The Guardian 08 Nov 2016

A new report by the IFS found that the £10.4bn surplus pencilled in for 2019-20 by George Osborne in his last budget as chancellor in March was now on course to be a £14.9bn deficit ... Growth forecasts are almost sure to be cut, leading to a significant increase in the deficit even if all the very challenging spending cuts currently planned are in fact delivered....

Fundamentals of UK economy are strong, says PM

Edit Belfast Telegraph 08 Nov 2016

The IFS estimates that by 2019-20 lower growth could see tax revenues £31 billion lower than forecast in this year's Budget, if financial policy remains the same. The IFS states this could be offset by £6 billion lower spending if the UK halts any payments to the EU budget ... The figures, produced in an IFS report funded by the Economic and Social ......

Outlook for the UK’s public finances has worsened by £25 billion since Budget (IFS – Institute for Fiscal Studies)

Edit Public Technologies 08 Nov 2016

This might be offset by £6 billion lower spending if we stop any payments to the EU budget ... These are the headline findings of a new report by IFS researchers published today and funded by the Economic and Social Research Council. IFS – Institute for Fiscal Studies published this content on ......

‘Brexit black hole’ could force government to borrow extra £25bn by 2019, warns IFS

Edit The Independent 08 Nov 2016

The IFS estimates that by 2019-20 lower growth could see tax revenues £31 billion lower than forecast in this year's Budget, if financial policy remains the same ......

Hammond Facing 25 Billion-Pound Blow to U.K. Budget, IFS Says

Edit Bloomberg 08 Nov 2016

“The new Chancellor’s first fiscal event will not be easy,” said Thomas Pope, an economist at the IFS ... The findings, which echo the warnings made by the IFS in the run-up to the June referendum, could also add pressure on Prime Minister Theresa May to ensure that the U.K ... of 40 percent of national income until the mid-2040s, the IFS warned. ....

Chancellor faces £25bn Brexit black hole, says IFS

Edit Citywire 08 Nov 2016

Chancellor Philip Hammond faces a £25 billion black hole in the UK's public finances after the Brexit vote knocked back predictions made by George Osborne at the Budget in March, according to the Institute for Fiscal Studies (IFS). ... According to a published by the IFS, ......

UK public finances to be '£25bn worse off' by 2020

Edit BBC News 08 Nov 2016

"The new chancellor's first fiscal event will not be easy," said IFS research economist Thomas Pope. "Growth forecasts are almost sure to be cut, leading to a significant increase in the deficit even if all the very challenging spending cuts currently planned are in fact delivered." ... The IFS said he now had "two big decisions" to make; one on whether ......

IFS says Brexit means austerity likely to continue into next decade - Politics live

Edit The Guardian 08 Nov 2016

This IFS is also saying it expects auserity to carry on into the next decade ... Indeed even if a balanced headline budget was delivered in 2020–21 ... Unfortunately if anything the £25 billion estimated deterioration in the public finances in 2019–20 is likely to understate the increase in the longer-term challenge that has occurred since the March Budget....

Hammond facing '£25bn' budget black hole - IFS

Edit Skynews 08 Nov 2016

Lower growth forecasts in the wake of the Brexit vote are on course to take a £25bn toll on the public finances, according to the Institute for Fiscal Studies (IFS) ... ....

Hammond faces £25bn Brexit fallout

Edit BBC News 08 Nov 2016

With no changes in policy - and that's a major assumption given that Mr Hammond is (a) a new chancellor and (b) has already spoken of a "fiscal reset" - the IFS says tax revenues will be £31bn lower. That will be partially offset, the IFS says, by the £6bn the government may regain by ending its contributions to the EU budget ... And, if they are, all the estimates on the public finances will have to be redone, again....

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