Paul Johnson
Paul Johnson
Director

Paul has been director of the Institute for Fiscal Studies since January 2011. He is also currently visiting professor in the department of economics at University College London. Paul has worked and published extensively on the economics of public policy, with a particular focus on income distribution, public finances, pensions, tax, social security, education and climate change. As well as a previous period of work at the IFS his career has included spells at HM Treasury, the Department for Education and the FSA. Between 2004 and 2007 he was deputy head of the Government Economic Service. Paul is currently also a member of the committee on climate change, of the Actuarial Council of the FRC and of the executive committee of the Royal Economic Society. He was an editor of the “Mirrlees Review”.

How far through the consolidation are we?

| Observations

The Prime Minister, in an article in today’s Times, said “In this parliament we will have made £100 billion of savings while cutting income tax by £10.5 billion. In the next parliament we plan to make £25 billion of savings while making £7.2 billion of income tax cuts”. This repeats a statement made at this year’s Conservative Party conference. The implication is that most of the planned cuts in public spending have been made and that the promised tax cuts in the next parliament are relatively modest by comparison with what has been managed in this parliament. In this observation we explain what these numbers mean and question whether it is sensible to compare them at all.

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