Will firms seek facilities management providers after NIESR highlights need for 'additional taxes'?
April 30th 16:22 Cost Management
Taxes need to be raised if the UK is to see an improvement in its public finances.
This is the view of the National Institute of Economic and Social Research (NIESR), which said spending cuts and additional taxes worth one per cent of GDP are required to put the UK on a "better long-term footing".
The comments could inspire a number of businesses to look into effective facilities management as a way of reducing their operating costs.
According to the NIESR, GDP is set to grow by one per cent this year and by two and 2.2 per cent respectively in 2011 and 2012.
"Public sector net borrowing will fall from 11.5 per cent of GDP in 2009-10 to 4.7 per cent in 2014-15," the organisation said.
"This is above the Treasury's estimate of four per cent, even though we are assuming somewhat lower real public spending over the medium term. We continue to worry that official projections are based on over-optimistic forecasts for GDP growth and for the buoyancy of tax revenues."
The report also predicted that unemployment will rise further still next year and peak at 2.7 million.
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