UK Faces Most Challenging Debt Burden Since 1950s, Warns IFS

Chancellor Jeremy Hunt hints at tax cuts in spring Budget, but IFS warns of risk of future tax hikes or spending cuts.

UK's next government faces the most challenging debt burden since the 1950s, warns the Institute for Fiscal Studies (IFS).
Chancellor Jeremy Hunt hints at tax cuts in the upcoming spring Budget, but IFS warns that these could risk future tax hikes or spending cuts.
Both the Conservative and Labour parties have promised to reduce debt as a fraction of national income, but this will be difficult due to high debt interest payments and low expected growth.
IFS urges political parties to be transparent about the trade-offs they face and to prioritize public services over tax cuts.
IFS director Paul Johnson suggests that if parties are promising tax cuts, they should also indicate where spending cuts will fall.