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Forecast in detail
Publication year - 2019
Publication title -
economic outlook
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.1
H-Index - 8
eISSN - 1468-0319
pISSN - 0140-489X
DOI - 10.1111/1468-0319.12455
Subject(s) - austerity , economics , public spending , fiscal deficit , politics , economic policy , fiscal policy , deficit spending , monetary economics , development economics , macroeconomics , political science , debt , law
Recent months have seen a significant shift in the UK fiscal backdrop. Statistical changes have caused a significant upward revision to the level of borrowing last year, while muted growth in tax receipts and faster‐than‐expected rises in public spending have pushed up the deficit in 2019–20 to date. Moreover, the political climate has shifted against austerity, with both Conservative and Labour party pledges implying a rising deficit for the foreseeable future.