Economic trends: legacy costs, care bill and public spending

26 Nov 2018

Ben Zaranko, research economist at the Institute for Fiscal Studies (IFS), argues that the spiralling costs of health, pensions and long-term care mean that future tax hikes are inevitable

Chancellor Philip Hammond was expected to perform a fine balancing act in the Budget: to find some extra money for the NHS and bring about an end to austerity. At the same time he had to bear down on government borrowing and reduce debt as a share of national income. Reconciling these conflicting objectives in the absence of substantial tax rises looked all but impossible.

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