Tax and Fiscal Policy

Freezing spending would substantially cure Britain’s deficit problem


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Government and Institutions

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Mark Littlewood comments on Dr Liam Fox's IEA speech

Commenting on the Rt. Hon Dr. Liam Fox’s speech on the economy at the Institute of Economic Affairs this morning, Mark Littlewood, Director General at the IEA, said:

“This is a welcome and timely contribution to the debate about how to get the country’s finances in order. For all the government’s talk of austerity, cuts in spending have been feeble. By the end of this parliament, the coalition will have actually added around £600 billion to the national debt.

“The reality is that if spending is to be brought under control, we need to look long and hard at the health and welfare budgets. If these bills are not reduced, then it becomes a much harder task to get close to balancing the books.

“Dr. Fox’s suggestion to freeze public spending for five years at a saving of over £300bn would go a long way to curing the deficit problem that David Cameron and George Osborne have so manifestly struggled to solve.”

Notes to editors

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