The best ways to fix Britain’s budget
Controlling pensions spending and taxing property are the right answers
On November 17th Jeremy Hunt, Britain’s chancellor, will unveil the most austere tax-and-spending measures since 2010. The tightening could be worth nearly £55bn per year ($62bn, 2.5% of GDP)—or about a billion pounds for each day since Liz Truss’s disastrous government lost the confidence of financial markets by promising huge unfunded tax cuts. To regain credibility, Britain must now ensure that its debt-to-GDP ratio starts falling within five years.
This article appeared in the Leaders section of the print edition under the headline “How to fix a budget in 55 days”
From the November 12th 2022 edition
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