Dr Isabel Stockton: all content

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A £303 billion bill which may well rise further

Comment

This morning the ONS published its first estimates of the public finances over the whole of the financial year 2020-21. Borrowing is estimated to have reached £303 billion, or 14.5% of national income. This is £52 billion less than the £355 billion forecast by the Office for Budget Responsibility at the Budget in early March. However, it is a staggering £248 billion, or 12.1% of national income, higher than forecast just before the financial year began – and more to the point, just prior to the economic impact of Covid-19 started to be felt in the UK – in March 2020.

23 April 2021

Presentation graphic

Nurse retention and long-run NHS workforce challenges

Presentation

Pay is an important lever in attracting and keeping staff, but is subject to tight regulations within the NHS. At this event, we explored the findings of new IFS work looking at the flexibility of the current pay system and its ability to address differences in the local cost of living across the country.

24 February 2021

Managing much-elevated public debt

Book Chapter
The COVID-19 crisis has pushed up government borrowing substantially, meaning that the Debt Management Office will need to sell a much larger value of gilts than normal. In our central scenario, we forecast the total amount to exceed £1.5 trillion, more than double the Budget forecast in March. While there is tremendous uncertainty around this figure, the total value will easily be the highest in recent history outside of the two world wars.

13 October 2020

Outlook for the public finances

Book Chapter
The COVID-19 pandemic and the public health measures implemented to contain it will lead to a huge spike in government borrowing this year. We forecast the deficit to climb to £350 billion (17% of GDP) in 2020–21, more than six times the level forecast just seven months ago at the March Budget. Around two-thirds of this increase comes from the large packages of tax cuts and spending increases that the government has introduced in response to the pandemic. But underlying economic weakness will add close to £100 billion to the deficit this year – 1.7 times the total forecast for the deficit as of March.

13 October 2020

Presentation graphic

IFS Green Budget 2020: Main launch

Presentation

The IFS Green Budget 2020, in association with Citi and with funding from the Nuffield Foundation, analyses the huge economic trauma since the March Budget and the much heightened uncertainty over the path of the economy in coming years. The findings from chapters covering the economic and fiscal outlook were presented at this event.

13 October 2020