Osborne wrote austerity into our laws, now experts warn how deep it will bite

‘George Osborne has been warned by the Institute for Fiscal Studies (IFS) that his Fiscal Charter will require him to impose even more painful austerity measures on British citizens.

Weak growth and forecasting over-optimistic tax receipts could force the government to make “sharp adjustments” in public spending, in order to hit the deadline.

But the IFS has warned Osborne about something he is well aware of. In fact, the very purpose of the Fiscal Charter is to enshrine austerity into law in order to legitimise squeezing the public sector further.

The Fiscal Charter compels the government to run a budget surplus by 2019-20 and continue this pattern in “normal times” – an arbitrary deadline which artificially makes austerity an economic imperative.’

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