Home / Leadership / The IFS Sets Out a Series of Choices Facing the UK

The IFS sets out a series of choices facing the chancellor as Brexit fog complicates the future state of the public finances.

Many British public services risk ongoing real-terms cuts for years to come according to the IFS.

Departments excluding health, defence and aid face more cuts under the government’s spending plans, on top of the £40 billion they have endured already, the public finance think tank said.

The Institute for Fiscal Studies (IFS) expects Hammond to give more details of the money available for a multi-year review of public spending when he updates budget plans on March 13, just two weeks before Britain is due to leave the European Union

To preserve current per capita levels of spending across Whitehall departments which do not have ring-fenced budgets, the IFS estimates the chancellor would need to find an additional £5bn a year by 2023-24.

“The Chancellor has said the spending review will take place in 2019, and that is the right moment for Government to make long-term funding decisions,” said a Treasury spokesperson yesterday.

IFS set out more cuts to come

IFS sets out challenges to the UK

“We have made clear that health is our number one spending priority by announcing a five-year settlement which will provide an extra £34bn a year for the NHS by 2023-24.

With that Brexit fog in mind, the IFS suggested Mr Hammond may wish to reduce the number of years covered by the spending review – and only set out plans for the 2020-21 financial year.

What is the budget expenditure of the UK (2017)?

Budget expenditure
Correct! Wrong!

Source economist intelligence unit.

What is the budget revenue of the UK (2017)?

Budget in the UK
Correct! Wrong!

Source economist intelligence unit.

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