How did we end up here? The roots lie in the strategy applied to austerity in the George Osborne era, and the political imperatives of the Coalition years ✒️ wallaceme for ipaperviews
It’s the fiscal quandary of our times: where does all the money go? When the Government says that there’s enough funding for public services, their critics point to workers striking, backlogsto the asylum system, and a Defence Secretary battling for sufficient resources, even amid a European land war, as evidence there isn’t enough cash being put in.
The painful problem facing both Jeremy Hunt and his opposite number, Rachel Reeves, at this week’s Budget is that both competing accounts appear to be true. The state is spending record amounts and levying eye-watering taxes, and the stateThat’s the worst of both worlds – a massive, costly budget, without proportionate upsides in public services, standard of living, healthcare, policing and more.
For example, the race to hit the target of spending 0.7 per cent of gross national income target on aid led the then Department for International Development to send money out to bodies like the World Bank purely to be able to say they had “spent” it. The result was billions of pounds sitting unspent in the recipient agencies’ bank accounts – not spent on the world’s poor, and no longer available to provide services or alleviate tax rises in the UK either.
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