- Shadow Treasury Minister Chris Leslie
The U.K. is likely to implement austerity measures for 8 years if the recent deterioration in growth prospects as well as tax receipts turns out to be permanent. According to the Institute for Fiscal Studies, nation's Chancellor of the Exchequer George Osborne may have to find an additional £11 billion in tax increases or cuts despite the £8 billion reduction already planned in welfare spending. The era of austerity could now last at least until 2018 as the outlook for the economy is weakening.
"The Chancellor should use the Autumn Statement to finally set out a plan to create the jobs and growth which are vital to get the deficit down," Shadow Treasury Minister Chris Leslie said. "People on low and middle incomes should not be paying the price for this government's economic failure."
"Action taken by the government has cut the deficit by a quarter, whilst over a million new jobs have been created in the private sector, inflation is down, and the economy is healing," The Treasury spokesperson said. "Britain still faces economic challenges at home and abroad but the government is taking the tough decisions needed to deal with our debts and equip our economy for the global race."
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