Borrowing figures underline flaws of ring-fencing


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Commenting on the publication of the latest borrowing figures, Mark Littlewood, Director General at the Institute of Economic Affairs, said:

“These depressing figures show that the Chancellor’s plans to close off the budget deficit are drifting off course again. It is nonsensical to protect the entire health budget and pensioner benefits from the need to make savings. By ring-fencing so many substantial areas of expenditure, the government risks making cuts in the wrong areas and in the wrong way, which goes some way to explaining the mess they have got themselves in over working tax credits”.

Notes to editors:

To arrange an interview with an IEA spokesperson, please contact Stephanie Lis, Head of Communications: 07766 221 268, [email protected]

The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.

The IEA is a registered educational charity and independent of all political parties.



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