Britain's debt sinkhole: Hammond's budget will make UK more dependent on the kindness of strangers, says ALEX BRUMMER
Philip Hammond's budget will make the UK ever more dependent on the kindness of strangers.
The rise in borrowing – £29billion over the forecast period already – has led to gloom from the Office for Budget Responsibility as to when the holy grail of a balanced budget might be achieved. Chairman Robert Chote suggested it might not be until 2030-31.
But even more worrying is Government fund-raising needs. Translated into gross financing the budget requires the Debt Management Office (DMO) to raise up to £59billion over the course of this Parliament.
Why then the big discrepancy in the... read more
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