British finance minister Jeremy Hunt will seek to fill a 50 billion pound ($57 billion) hole in the country's public finances with around 30 billion pounds of spending cuts and 20 billion in tax rises, two government sources said on Monday.
Asked about these estimates, two government sources told Reuters that they were within the right ballpark, but that final figures were subject to change.Last week a finance ministry source saidBritain's last set of budget forecasts was published in March, when they showed 28 billion pounds of headroom to meet a government target to reduce debt as a share of the economy.
Most of the 45 billion pounds of unfunded tax cuts which Kwarteng announced were rapidly reversed, apart from a 16 billion pound cut in payroll taxes which took effect on Nov. 6. Short-term government borrowing costs are broadly back to where they were before Kwarteng's statement, but longer-term borrowing costs are somewhat higher and the economic outlook is bleak.longest recession in a centuryThese forecasts assumed interest rates higher than the BoE says is likely, but did not factor in any fiscal tightening on Nov. 17.
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