UK government needs another £13bn, says economic forecast

The UK government needs to find another £13bn (€14.8bn) in tax hikes or spending cuts over the next five years to help restore the UK's ailing public finances, a leading economic forecaster warned today.

Measures already unveiled amount to a tightening of £57bn (€65bn), or 4.1% of national income, the Institute for Fiscal Studies (IFS) said as it called on the British Treasury to do more.