If the IFS is right then Rishi Sunak is going to struggle to deliver on two of three pledges he made in January, writes ITV News' Economics Editor Joel Hills.
If the Institute for Fiscal Studies is right then Rishi Sunak is going to struggle to deliver on two of the three pledges he made in January, in time for the next election.
The UK’s national debt now exceeds the total value of all the goods and services we produce. Our stock of debt is getting bigger and more expensive to finance. “We know that bad shocks come along and when they do we want to increase debt so we do need to aim to get debt down in good times so we can put it up when the bad shocks hit,” he explains.
Wage growth has accelerated away along with price growth, dragging millions of people into higher rates of taxation.
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