The UK is currently experiencing enormous financial problems, the most difficult of which have not been seen since the 1950s.
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This was stated in an interview with Bloomberg by the director of the Institute for Fiscal Studies (IFS), Paul Johnson. An expert says the kingdom’s political parties must be honest ahead of local parliamentary elections when discussing the painful financial decisions the new government will have to face.
“Money is tight. Public services are struggling, taxes are at historically high levels, and both parties are constrained by their concrete promises to reduce debt,” he says.
According to him, in the last 70 years the United Kingdom has not had major financial difficulties. He also stated that the problems can be solved; There are three ways to do it.
He believes it is necessary to drastically cut spending or raise taxes to the highest level in the last 80 years. There is another option: increase debt. The specialist states that an open debate on these options is necessary, but politicians “will be reluctant to tell us which of these options they would choose.”
We previously wrote about the change in trade rules in the UK and explained how Russian businesspeople can prepare for the changes.
Author:
Nikolai Tikhonov
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
