HM Treasury warns over shortfall in tax revenues

The Treasury has ruled out generous pre-election giveaways due to a shortfall in tax revenue and fears over global growth, according to reports.

The Financial Times reported chief secretary to the Treasury Danny Alexander has told the cabinet tax revenues were not recovering as quickly as the economy and spending controls could be imposed in the Autumn Statement.

The paper reported that the Treasury was upbeat about the UK’s growth forecast for 2014 and 2015 but has concerns that a slowdown may be difficult to arrest.