The tough fiscal reality facing the UK government
About this episode
This episode discusses the challenging fiscal situation facing the UK government and the implications for future policy decisions.
Britain’s public finances are under pressure. Public debt is high, borrowing remains high, and the government is spending far more on debt interest than in the past. Taxes are heading towards historic highs, while public services remain under strain and demand on the state continues to rise. In this episode, we set out the fiscal backdrop that will shape British politics over the coming years. Whoever is Prime Minister or Chancellor will face many of the same constraints: expensive borrowing, difficult spending choices and the need to get debt on a more sustainable path. Helen Miller is joined by IFS colleague Max Warner and Chris Giles, economics commentator at the Financial Times, to explain the state of the public finances, why borrowing costs matter, what the government’s fiscal rules do, how realistic current spending plans are, and whether there is any room for a future government to do things differently. Become a member: https://ifs.org.uk/individual-membership Find out more: https://ifs.org.uk/podcasts-explainers-and-calculators/podcasts Hosted on Acast. See acast.com/privacy for more information.
People in this episode
Host: Helen Miller
Guests: Max Warner, Chris Giles
Topics covered
- public finances
- UK government
- borrowing costs
- debt sustainability
- fiscal policy
Keywords
- public debt
- borrowing
- taxes
- public services
- fiscal rules
Mentioned in this episode
Organizations: Institute for Fiscal Studies, Financial Times
Places: UK, Britain
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