Each of the three main UK political parties has stated an objective for reducing borrowing over the next parliament. Somewhat oddly, each of these targets would allow a looser fiscal position in the medium-term than is currently planned by the coalition government. However, the coalition government’s ‘plans’ are predicated on a large, as yet unspecified, spending cut. Therefore, while each of parties could meet their fiscal targets while running slightly looser fiscal policy that planned by the coalition government, they would still need to announce further details of net tax increases, cuts to social security spending, or further cuts to departmental budgets in order to make their sums add up. In a new briefing note, we describe the three main parties’ proposed fiscal targets and summarise these policy trade-offs.Find out more
Coping with the cap?
The DWP has published its first quantitative analysis of the impact of the new benefit cap. The analysis suggests that, as a direct response to the cap, some moved into paid work, while relatively few moved house. But most individuals appear neither to have moved into work nor to have moved house. This observation discusses these findings.Find out more
IFS Autumn Statement analysis
The Autumn Statement 2014 was delivered by the Chancellor of the Exchequer, George Osborne, on 3 December. IFS researchers presented their analysis at a briefing on the following day. The presentation slides and videos are available here.Find out more