Tag: government borrowing

Is the UK government really about to spend £83 billion on debt interest?

In his Spring Statement speech the Chancellor made the eye-catching claim that ‘in the next financial year, we’re forecast to spend £83 billion on debt interest’. This £83 billion figure was widely understood to be the amount that the government would actually pay out in interest in 2022-23. This has prompted lots of unfavourable comparisons … Continue reading Is the UK government really about to spend £83 billion on debt interest? →

Too soon to write off the recovery – or raise taxes

Spare a thought for the staff of the Office for Budget Responsibility (OBR), beavering away on a new set of economic and fiscal forecasts for the Chancellor’s Spring Statement on 23rd March. The fallout from the Russian invasion of Ukraine has made a difficulty task almost impossible. It makes sense to present a range of … Continue reading Too soon to write off the recovery – or raise taxes →

Sunak must keep trying to cut tax before the next election

The Treasury’s “fiscal rules” are rather like New Year’s resolutions: many of us make them, but few keep them. Nonetheless, after the spending binge during the pandemic, the Government needs some sort of framework to bring borrowing back under control. We may not have to wait much longer. The Chancellor is expected to unveil new … Continue reading Sunak must keep trying to cut tax before the next election →