Government to hit province for £7bn, claims new report
The Government will have to drag back almost £7bn in spending cuts and taxes from Northern Ireland over the next few years, according to a local firm of accountants.
That equates to £90,000 per household in the province, claimed Belfast-based McIlveen Howard Limited yesterday.
Tax manager Leanne Hillock said: "This Budget will probably go down in the history books as the day of a 'tax war'.
"We estimate that over the next few years the government will need to claw back £6.6bn from the region in the form of higher taxes and also fewer public services.
"So anyone who doesn't prepare themselves for the onslaught will suffer really badly at the hands of much higher income tax, VAT and capital gains tax rates, huge reductions in state benefits, a forecast increase in unemployment and the very real risk that the austerity measures here and abroad will lead to a double dip recession."