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CHANCELLOR George Osborne will be forced to borrow three-and-a-half-times more than expected to bail out his failed economic plan, the TUC said yesterday.
Office for National Statistics figures revealed yesterday that the government borrowed more than £25 billion in the last financial year, the lowest figure since 2008.
But TUC general secretary Frances O’Grady warned that the Chancellor is expected to borrow three-and-a-half-times more than expected to bail out his failed economic plan — £70bn instead of £20bn.
Ms O’Grady said: “After the longest recorded squeeze on living standards, income tax revenues and national insurance receipts are still way down on expectations.
“With interest rates on government borrowing at rock bottom, this is the perfect opportunity for the Chancellor to invest in skills, infrastructure and much-needed affordable housing.
“We need a better plan for sustainable high-productivity growth that will deliver the quality jobs and decent services working people need.”
