Osborne: Govt has no need to increase taxes

Speaking in front of the Treasury Committee, he said the government would be able to cut borrowing through "spending cuts alone". Osborne said the original plans to slash the funding blackhole with 80% spending cuts and 20% tax increases were only ever "a guide". Osborne also speculated that Labour might raise taxes should the party win the next election. He said: "I'm not sure whether they would do big tax increases. I suspect they would, but that is for them to explain." The BBC said last month, the Institute for Fiscal Studies suggested the Treasury would have to increase tax raises...