Higher borrowing costs could mean tax rises, think tank research warns

Heathrow’s third runway could be operational in a decade, according to Chancellor Rachel Reeves, who announced the project as part of the government’s economic growth plans. Reeves aims to have construction start in the current Parliament and planes using the runway by 2035, with planned reforms to the planning system to facilitate major infrastructure projects. The Resolution Foundation warns of potential tax rises or spending cuts to adhere to self-imposed fiscal rules due to higher government borrowing costs, primarily driven by international factors influencing the UK economy’s growth.

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