Warning high borrowing costs may mean tax rises or spending cuts

Higher borrowing costs for the government may mean tax rises or spending cuts if it wants to stick to its own self-imposed rules, a leading economic think tank has warned.According to a report from the Resolution Foundation, the government is spending £7bn a year more paying interest on its debt than it was at the time of the Budget.As a result, the think tank said higher tax or cuts "may be needed" if the…