Rampant inflation could land Healey with £35bn bill, IFS warns

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The IFS said headroom is not Healey's biggest concern (Peter Byrne/PA Wire) Soaring inflation could force the Chancellor to commit to more government spending, posing a worse Budget headache than a ...

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The government’s fiscal headroom could be about £20bn in 2029-30, compared with the £24bn forecast in March, the IFS said.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe bigger issue Healey will need to face at this month’s Budget is the real-terms erosion of departmental budgets which will occur as inflation rises, the think tank said.\n\n\n\nHealey must prove ‘credibility’The Chancellor will have to address this issue head-on, researchers said, by either accepting real-terms cuts to public services or committing to increased spending to avoid cuts to budgets. If he chooses to top up departments’ budgets, this could require tax rises or benefit cuts of around £35bn, according to the IFS’s forecasts.If Healey opts to avoid this dilemma altogether, “his plan for meeting the fiscal rules will not be credible,” the think tank said.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}