Gemma Tetlow
speaker
21 appearances
2 recordings
1 series
first heard Aug 2011
last heard Jul 2012
Gemma Tetlow’s voice in public audio — every appearance, attributed to the second.
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Appearances
In 2009, public borrowing reached a post-war high of 11.1% of national income, far higher than the levels we've seen in peacetime for a very long time.
Since then, public borrowing has fallen by about 2.5% of national income to 2011-12.
So that is a roughly 25% fall in the level of public borrowing from the peak in 2009.
A large part of the reduction in the deficit over the last few years has been the result of active policy measures.
Since 2010, the government has introduced measures which have had the effect of reducing borrowing by about 2% of national income.
And at the moment, about half of that's from tax increases and half of that's coming from spending cuts.
Ultimately, the government's plan is that they will have a package of fiscal tightening measures that will reduce borrowing by much more, and most of that is going to come from spending cuts.
So, ultimately, they're looking for about 80% of the fiscal tightening to come from spending cuts and about 20% from tax increases.
But at the moment, we've seen more of the tax increases come in than the spending cuts.
The economic recovery will contribute to reducing the deficit as well.
As people start to earn more money, that will generate more tax for the government.
Similarly, as more people move into employment, that will reduce the burden on unemployment benefit spending, for example.
So we'll see both a reduction in spending and an increase in tax revenues as a result of economic recovery.
So far, we've seen only a minority of the planned cuts in public spending come in.
We've seen about a quarter of the cuts planned
for the current spending review period implemented last year.
The latest forecast suggests that the government is on course to get the structural current budget back into balance by the end of their forecast horizon.
However, over the last few years, we've seen the economic outlook weaken and that's meant that the Chancellor has had to announce additional measures to try and continue to meet his targets.
The NHS is set to experience a very small real-terms change in its spending between 2010 and 2011.
That means that they face a very tight settlement, certainly in the context of the increases in spending that they've been used to over the last decade or so.
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