Next UK Government to Inherit Worst Debt Dilemma in 70 Years: Think Tank

A record-high tax burden, big public debt, and a sluggish economy will leave the next UK government in the biggest quandary in 70 years, according to the Institute for Fiscal Studies (IFS). The think tank said while both the Conservative Party and Labour have promised to reduce debt as a share of national income, it will be more difficult to deliver that promise “over the next parliament than in any other parliament since the 1950s.” It warned that immediate tax cuts will “add to the risk of tax rises or spending cuts tomorrow.” The report comes after the chair of the Office for Budget Responsibility (OBR) poured cold water on pre-election tax cuts, which Chancellor Jeremy Hunt has been hinting at....