The latest growth figures, which are set to be published later this week, are expected to show that the UK remained in recession between April and June 2012; and with the Chancellor already under pressure to reduce public spending, with the welfare budget earmarked for an extra £10 billion of cuts, leading economists are now adding further pressure onto George Osborne.
Many of the economists are calling for the Chancellor to make tax cuts and introduce major infrastructure projects, in a bid to boost the ailing economy, with a former Bank of England rate setter, Andrew Sentance, claiming that George Osborne should place a stronger emphasis on reform.
Mr Sentence, added: “A higher priority should be given to programmes which will help business competitiveness – such as investment in transport infrastructure.
“On the tax side, we need a much stronger emphasis on longer term reform – cutting tax rates by spreading the tax base of tax and simplifying the tax structure.”
Along with leading economists adding pressure on the Chancellor, George Osborne’s predecessor, Alistair Darling also urged the Chancellor to change course or risk doing 'immeasurable' damage to the UK economy.
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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