Government borrowing is currently running 10 per cent higher than last year – exemplifying the already parlous state of the UK’s public finances. However, the long-term implications of spending commitments on pensions and healthcare are still more worrying.

Drawing on research published in The Government Debt Iceberg, this ieaTV film looks at at the colossal scale of the problem – and outlines the crippling tax rises that would be needed to pay for the promises made by successive governments.