New £20bn OBR black hole means Chancellor Osborne must declare War on Waste
Office for Budget Responsibility economic models replicated by the Financial Times have revealed a new £20 billion black hole in the public finances. The news comes on top of the repeated deterioration in deficit forecasts since 2010 and means that the public sector would potentially continue living beyond its means until 2020.
Our War on Waste spending factbook highlighted the deterioration of deficit forecasts for 2014-15 in the graph shown above. It's clear that while the economy seems to be recovering, particularly with respect to private sector employment figures, the public finances are still a mess and tough decisions have to be made on spending.
This isn't necessary only to close our still huge deficit but also to allow room for the tax cuts the country needs to sharpen economic incentives, boost growth and ease the financial burden on taxpayers. Mr Osborne should look again at spending when he delivers his budget in two weeks. It's time he declared a War on Waste.
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