UK needs to cut 200,000 govt jobs over next few years to avoid debt spiral

The UK needs to cut 200,000 government jobs over the next couple of years to avoid adding billions to the national debt, according to the Institute for Fiscal Studies.
 

Public-sector wages are on track to increase 5% this year, around half the current rate of inflation but higher than budgeted when spending plans were drawn up in 2021. 

Simply to pay for those awards without increasing borrowing, the government will need to find £5 billion ($5.6 billion) of savings this year alone, the think tank said Saturday. 

The analysis underscores the challenge Chancellor of the Exchequer Kwasi Kwarteng faces to