Brexit Could Force U.K. to Extend Austerity by Two Years
Instead of returning to surplus in the 2019-2020 fiscal year as currently planned, Britain may face a budget deficit of as much as 30 billion pounds ($44 billion) if Britons vote for a so-called Brexit next month, the London-based IFS said in a report published Wednesday.
“Getting to budget balance from there, as the government desires, would require an additional year or two of austerity at current rates of spending cuts,” said IFS Director Paul Johnson. “Or we could live with higher borrowing and debt.”
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