Shadow chancellor Oliver Letwin has outlined the Conservatives' policy of cutting state spending as a percentage of national income. But what does this expenditure strategy mean in policy terms?
On Monday, the Conservatives announced their medium-term expenditure strategy. This provided some details of how they would fulfil leader Michael Howard's belief that 'the people should be big and the state should be small'.
Authors
Carl Emmerson
Carl, a Deputy Director, is an editor of the IFS Green Budget, is expert on the UK pension system and sits on the Social Security Advisory Committee.
Sarah Love
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