- New forecast means there will have been at least 21 consecutive years of deficits by 2022
- 13 years after the financial crisis, we will still be living beyond our means
- Soaring debt will saddle future generations with even higher taxes
Reacting to the Autumn Statement, John O'Connell, Chief Executive of the TaxPayers' Alliance, said:
"Despite the incessant talk of austerity in the last six years, the truth is that spending has barely been trimmed. The Chancellor’s decision to slow the pace of deficit reduction means that we will run into two decades of living beyond our means, which is a frightening prospect.
"If economic headwinds are so turbulent that the Chancellor felt he had no other choice, then he should have delivered a major package of tax cuts to ease the pressure on families and business, not made new spending pledges with money we simply don’t have.
"As hard-pressed taxpayers struggle under rising bills, politicians continue to ignore the staggering levels of debt we're passing on to our children through irresponsible spending and a failure to find necessary savings."
TPA spokesmen are available for live and pre-recorded broadcast interviews via 07795 084 113 (no texts)