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News - 4 February 2015

The Institute for Fiscal Studies on the UK spending cuts

The Institute for Fiscal Studies (IFS) has said that the worst of the UK's spending cuts are still to come, with plans over the next four years for the largest fiscal consolidation out of 32 advanced economies.

Liz Kennett, Manager of the Accounts Department of ABDS comments:
“The IFS stated that to meet plans announced in last year's Autumn Statement departmental spending cuts of £51.4bn, or 14.1%, are needed in the next parliament. Cuts in the current parliament are expected to reach £38.3bn, or 9.5%. This would mean public spending falling to its lowest share of national income since at least 1948, and fewer people working in the public sector than at any time since at least 1971.”

However, the report is optimistic about UK growth, estimating zero inflation and 3% growth this year.
The report said that the high deficit of more than 5% of national income, and total debt of more than 80% of income, is because of poor economic performance at the start of this parliament.

The report brings into contrast the different approaches of the main antagonists as we approach the general election. As the BBC’s economics editor has put it, the Conservatives believe the imperative is to cut debt and the size of the state, whereas Labour wants potentially bigger budgets for building roads, rail and schools, and for funding the police and prisons.

For those who are looking for a more personal approach on a range of individual and business related issues, contact us at ABDS.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

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