Gemma Tetlow is programme director of the Institute for Fiscal Studies’ (IFS) work on pensions, saving and public finances. Her research interests include pensions, savings, asset holding and health and their interactions with later life working. Her work also includes analysis of the UK’s public finances and public spending.
The recent Budget was the first of the new Parliament and the first by a Conservative government for nearly two decades. Following the pattern of all other general elections since 1987, the government announced a package of tax measures raising in excess of £5 billion a year. But there were also significant changes to public spending – with new cuts to social security spending but a reduction in the planned cuts to spending on public services. Overall the effect of the measures announced last week was to slow the pace of fiscal consolidation over the next three years but to increase the size of the eventual medium-term tightening. Continue reading