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News > World

Britain to Cut Spending, Raise Taxes After Vote to Leave EU

  • The vote to leave the EU has triggered more calls for austerity in Britain.

    The vote to leave the EU has triggered more calls for austerity in Britain. | Photo: Reuters

Published 28 June 2016
Opinion

Critics have blasted the EU for promoting austerity, but leaving it appears to be leading to more of the same.

British Finance minister George Osborne said on Tuesday that the U.K. will have to raise taxes and cut spending to deal with the economic challenge posed after Britons voted to leave the European Union.

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"We are absolutely going to have to provide fiscal security to people, we are going to have to show the country and the world that the government can live within its means," he told BBC radio.

Asked if that meant tax rises and spending cuts, he said: "Yes, absolutely."

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