#fiscal-impact

#fiscal-impact

Net zero migration (NZM) would have clear fiscal consequences for the UK economy: lower tax revenues would leave the government needing to raise taxes to close an increasing funding gap over the long-term, according to analysis contained within the National Institute of Economic and Social Research's latest quarterly Economic Outlook. Slower employment growth and a smaller tax base would reduce revenues, increasing the budget deficit by around 0.8 per cent of GDP, equivalent to approximately £37 billion in today's prices, by 2040.

The Supreme Court recently heard arguments in a case that will decide whether the president overstepped his authority by invoking an old war law to justify imposing tariffs on seemingly every country and product under the sun. Though White House lawyers changed their tune in front of the justices, up till this point, one of the administration's defenses throughout this trade war is that these tariffs are needed because they bring in substantial revenue for the country,