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Are public finances as bad as Labour claim and is a tough budget necessary?
Local TV
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05/09/2024
Both main parties disagree on the state of the economic outlook for the UK.
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News
Transcript
Display full video transcript
00:00
But when I arrived at the Treasury on the very first day,
00:03
I was alerted by officials that this was not how much
00:05
the previous government expected to spend this year.
00:08
It wasn't even close.
00:11
In fact, the total pressures on these budgets across a range of areas
00:14
was an additional £35 billion.
00:17
You don't need to win an election to find out the state of public finances
00:21
as we've got the OBR now.
00:23
Paul Johnson of the IFS says the state of public finances
00:27
were apparent pre-election to anyone who cared to look,
00:32
which is why he and other independent figures say
00:34
her argument is not credible and won't wash.
00:38
There are sort of big issues and of course these issues
00:40
were sort of known before the election.
00:42
They would have been sort of in possession of sort of information
00:44
sort of from the Office of Budget Responsibility
00:46
or saying that even the sort of the cuts that were sort of baked in,
00:49
which the sort of the Labour Party said that they were going to sort of adhere to,
00:52
was going to cause or were going to cause problems.
00:54
But they claimed that of course the sort of the problems
00:56
were even sort of more embedded and deeper than they previously thought.
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