The U.K. is "on thin ice" ahead of its critical Autumn Budget, according to a former chief economist of the Bank of England, who warned the government must curb public spending and refrain from painful tax hikes. Speaking to CNBC's Steve Sedgwick, Andy Haldane — a member of the central bank's Monetary Policy Committee until 2021 — said there were "perils" running into the budget update, currently scheduled for Oct. 28. "The truth is we are skating on pretty thin ice in fiscal terms, and nothing would be worse both economically and politically than if the ice were to crack beneath our feet," Haldane said on the sidelines of the How Britain Can Win conference, hosted by Goldman Sachs 10,000 Small Businesses UK.
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