Don't count on Government events, warns Summer Eventia keynote

Martin-Fagg predicts big cuts in departmental spending

Government departments will cut their event spending by May next year, economist Roger Martin-Fagg warned delegates at the Summer Eventia Conference today.

Independent behavioural economist Martin-Fagg said in his keynote presentation that the Government would cut its departmental spending in a bid to reduce the £200bn that it was borrowing annually.

"If the Government wanted to reduce its borrowing by £50bn, it would have to increase the rate of tax by 10p in every pound or cut spending by £50bn,' he said. "After next May, if you are relying on Government events as a source of revenue, it will drop like a stone."

Martin-Fagg also told delegates that retail sales would shrink by more than 2% over the next two years.

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