Chancellor George Osborne has been urged to prepare a Budget to help business and kick-start economic growth amid warnings that the recovery is running out of steam.
As he puts the finishing touches to his announcement on Wednesday, leading forecasting group the Ernst & Young Item club said he was facing a “double whammy of bad news”.
It said the public borrowing was heading for an £8billion overshoot and would hit £88billion, up from the £80billion predicted by the Office for Budget Responsibility at the Autumn Statement.
The Institute of Economic Affairs said the Chancellor should “reach for the chainsaw” on public spending to allow significant cuts in taxes.
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