Brexit will put the public finances under significant short-term strain. Two longer-term trends will further reshape the state and health of the public finances in the 2020s.
Falling expenditure as a share of GDP will reduce the size of the state while the composition of expenditure will shift towards older people and health spending. At the same time, the deficit will strike back. Due to demographic change, a structural tax gap will emerge by the mid-2020s on current trends. Fiscal fragility, whether due to weak economic growth, falling rates of migration, or stagnant wages, are all further risks. Given this, a strategic review of taxation – both of revenue and expenditure – will be critical if the public finances are to sustainably meet the challenges of the future.
Social housing need of the hour amid homelessness crisisAt a time when the social housing waitlist is weighed down with hundreds of thousands of people, the Scottish government has planned to reduce approximately £200 million in investment in social housebuilding. This could be disastrous and…
Health leaders, charities, experts and campaigners urge Chancellor to take action on ‘concerning’ state of UK health to deliver prosperity at Spring BudgetLeading health voices have written to Chancellor Jeremy Hunt to urge him to deliver a bold strategy to transform UK health and deliver nationwide prosperity.
Snakes and ladders: Tackling precarity in social security and employment supportAcross the country, people are trying to make ends meet, build financial security and pursue their aspirations. But, in a vicious cycle of snakes and ladders, many are being pulled down into poverty.