The Borrowers

IFS verdict…

Here are the top lines:

  • Tories: debt as a share of national income reduced from 80% in 2014–15 to 72% by 2019–20
  • Labour, Liberal Democrat and SNP plans, debt in 2019–20 could be more like 77%, 75% and 78% respectively
  • Labour have been much less clear about exactly what level of deficit reduction they want to achieve than the Tories
  • The Tories need to spell out substantially more detail of how they will deliver the overall fiscal targets they have set themselves
  • The SNP’s fiscal numbers imply the same reduction in borrowing over the next parliament as Labour
  • Under the SNP, the period of austerity would be longer than under the other three parties

Ultimately, the IFS is scathing of all parties:

“the electorate is at best armed with only an incomplete picture of what they can expect from any of these four parties”

Even under the most ‘austere’ plans, those of the Tories, debt as a share of national income will still be 72%…




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President Trump on May’s Brexit deal:

“I would say that Brexit is Brexit. … The people voted to break it up. So I would imagine that’s what they’ll do. But maybe they’ll take a different route, I’m not sure that’s what they voted for.”

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