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AP-National

The UK economic outlook is bleak, think tanks warn, with tough choices for the next government

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Published 9:10 AM

By PAN PYLAS
Associated Press

LONDON (AP) — Leading British economic think tanks are warning that whoever wins the country’s general election this year will face some very tough choices on tax and spending if they want to make sure the public finances don’t deteriorate further. After number-crunching Wednesday’s budget statement, which reduced a tax paid by employees on their earnings for a second time in six months, both the Institute for Fiscal Studies and the Resolution Foundation say the economic inheritance facing the next government will arguably be one of the bleakest since World War II. A general election must take place by Jan. 2025, but it could come as soon as May.

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