Business Services Industry
Tax revenues may fall 6 billion short of UK budget forecast.
Knight Ridder/Tribune Business News, October, 2004
By Richard Orange, The Business, London Knight Ridder/Tribune Business News
Oct. 17--Britain's chancellor, Gordon Brown, will fall about 6 billion (E8.7 billion, $10.7 billion) short of his budget forecast on tax revenues this year, which will force him to increase taxes and introduce austerity measures, the Ernst & Young Item Club will report on Monday.
The Item Club, which uses the Treasury's own model of the British economy, will say that the UK's budget deficit has worsened by more than 1 billion to 14.1 billion since this time last year -- despite the economy enjoying the strongest growth since the millennium.
The report says: "It is particularly disappointing, given the strength of the cyclical upturn, which would normally be...
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