
Tax rises are inevitable
The string of bleak economic updates continues. First we had the dire report by the Office for Budget Responsibility (OBR) into fiscal risks, which showed how we’re hurtling towards financial disaster. Now we’ve got figures from the Office for National Statistics (ONS) that reveal the economy shrank in May – the second month in a row. The data, released this morning, shows that GDP fell by 0.1 per cent in May after shrinking by 0.3 per cent in April. The ONS said the most notable contractions were in production and construction, while services (the backbone of our economy) managed to grow slightly. The contraction in production (down 0.9 per cent)
