ECONOMIC GROWTH

Two Parliaments of Pain – or of Fudge?

There is ‘still significant deficit reduction still to come’ and that’s before rising health and social care costs, writes Michael Burton.

Just before the last election the Institute for Fiscal Studies (IFS)predicted that ‘two Parliaments of Pain' were required to address the soaring deficit. We have had one parliament so how painful has it been?

We know that local government has borne the lion's share of spending cuts, at 30% since 2010, and that so far it has managed to absorb them without the public manning the barricades.

Michael Burton

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