Fiscal experts this week warned of “severe cuts” to transport public expenditure in the next few years as any Government tries to reduce the soaring public borrowing. After poring over the fine print of last week’s pre-Budget report, the Institute for Fiscal Studies said departmental spending would have to be cut by £25.5bn in the two years 2011/12-2012/13, equating to a cut of 6.4% a year.
The IFS’s Gemma Tetlow said these “severe...
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