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Plenty of pain, but more to come

Even after all of the savings set out today have been delivered, the coalition’s plans require a further £26bn of fiscal tightening

By Matthew Whittaker  

(© altogetherfool)

In many ways, today’s Spending Round represents more of the same. Over the course of this Parliament, departmental spending is falling by an average of just under 2.5 per cent a year: today’s announcements effectively extend that process into the first year of the next Parliament. The combined impact of these changes stacks up into a once-unthinkable outcome.

By the end of the five year period, total departmental spending will be some 11 per cent lower than in 2010-11, and every…

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