BGN Entrepreneur

Alistair Darling will admit in his Budget that the worst slump in tax revenues in more than 80 years will leave the nation in debt for a decade.Experts said that the Chancellor is facing a catastrophic slide of up to 9 per cent in tax receipts this year, which is the biggest drop ever since 1923 and there are fears that the fall in revenue from the City, on which the Government has relied for ever-higher public spending, might never be reversed.In a gloomy forecast, it is said that Scotland could be particularly hard hit if the Chancellor implements threatened efficiency cuts of £15 billion north of the Border. The Nationalists say that, Scotland could face Budget cuts of £15 billion.

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