£19bn bill to end austerity!

The government will have to find an extra £19bn a year if it is to uphold Theresa May's promise that "austerity is over", a major report has said.

In its pre-Budget report, the Institute for Fiscal Studies says it means higher borrowing and higher taxes.

If not, pledges to raise NHS spending by £20.5bn and "balance the books" by 2020, matching spending and taxation, were likely to be incompatible.

The Treasury said its approach was to keep taxes as low as possible.

A Treasury spokesperson said: "Our balanced approach is getting debt falling and supporting our vital public services, while keeping taxes as low as possible. This year, we have already committed an extra £20.5bn a year to the NHS, scrapped the public sector pay cap, and frozen fuel duty for the ninth year in a row."

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https://www.bbc.co.uk/news/business-45863582