Scarred UK economy will be strain on budget

The findings from the Institute for Fiscal Studies (IFS) illustrate the pressures facing Chancellor of the Exchequer Rishi Sunak(pic), with rising prices and interest rates likely to add £15bil (US$20bil or RM83.54bil) to the Treasury’s debt payments this year and beyond.

LONDON: Britain’s economy will retain deep scars long after the pandemic has passed, slowing growth and adding to the strain on the public finances, a major report ahead of the government’s budget concluded.

The findings from the Institute for Fiscal Studies (IFS) illustrate the pressures facing Chancellor of the Exchequer Rishi Sunak, with rising prices and interest rates likely to add £15bil (US$20bil or RM83.54bil) to the Treasury’s debt payments this year and beyond.