More looting of the British tax payer ahead!
George Osborne has warned Britain could be heading for a double-dip recession as he admitted that the Government will be forced to borrow more than was planned by the last Labour Government.
The Chancellor confirmed that because of a ‘debt storm’ raging across Europe, the country will be forced to borrow £111bn more than expected over the next four years.
Borrowing is now expected to hit £79billion in 2014-15 alone – more than double the £37billion which he had previously forecast and more than the £74billion predicted by the former Labour chancellor Alistair Darling.
The Chancellor also confirmed that the Office for Budget Responsibility (OBR) has downgraded GDP growth to 0.9 per cent for 2011 and 0.7 per cent 2012 – well under the 1.7 per cent and 2.5per cent forecasts it made in March.