Data from Britain's Office of Budget Responsibility shows the country will face a deficit of 60 billion pounds ($69 billion) by the middle of the decade, due to inflation, rising government debt costs and Foreign Secretary Liz Truss's spending plans.
The same data showed, as reported by CNBC Arabia, that the country's prime minister candidate Liz Terrace's plans for tax cuts and defense spending would prevent the United Kingdom from complying with the government's fiscal rules over its dramatically increasing debt.
It is noteworthy that the British Foreign Secretary Terrace is determined to cancel the planned increases in national insurance and corporate tax and support defense spending.
