HM Treasury building

The economic picture facing the Chancellor

Published on 18 October 2023

We look at the underlying economic situation facing the Chancellor following the publication of our IFS Green Budget 2023 report.

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On the 22nd November, the Chancellor Jeremy Hunt will give his Autumn Statement. He will update MPs on the country's finances and the government's plans for tax and public spending, based on the latest forecasts from the Office for Budget Responsibility.

In this episode, we speak to Carl Emmerson, Deputy Director at IFS and Ben Nabarro, Chief UK Economist at Citigroup, about the underlying economic situation facing the Chancellor.

Zooming In: discussion questions

Every week, we share a set of questions designed for A Level economics students to discuss, written by teacher Will Haines.

  1. Why is the UK economy potentially heading for a recession in the next 12 months?
  2. Explain the potential trade off the Monetary Policy Committee face between reducing inflation and managing output and asset prices.
  3. Ben Nabarro suggests that fiscal policy needs to become a bit more macroeconomically aware. Assess the impact on inflation and monetary policy of potential pre-election tax cuts by the government.