Share

cover art for The £600 billion problem awaiting the next government

IFS Zooms In: The Economy

The £600 billion problem awaiting the next government

Season 5, Ep. 7

Today, we’re setting the stage for a key moment in UK politics — the upcoming spending review, expected this November. The spending review will set some £600 billion of departmental budgets from April 2025 onwards, and will be a crucial moment for the next government to lay out its priorities and plans for public services. 


How should the incoming government go about doing the next spending review? How can the government make sure they deliver on their priorities? And will they be constrained by the much talked about ‘treasury orthodoxy’?


To help us answer these questions, we're joined by two people who have been at the heart of government - David Gauke, a lawyer and former MP who served in the Treasury under David Cameron and Theresa May’s governments and Giles Wilkes, a senior fellow at the Institute for Government and former special adviser to Theresa May and Vince Cable. 


Try our tool: https://ifs.org.uk/election-2024/be-chancellor


Find out more: https://ifs.org.uk/


Become a member: https://ifs.org.uk/individual-membership

More episodes

View all episodes

  • 16. ELECTION SPECIAL: Has 'levelling up' worked?

    38:01
    We discuss 'levelling up' and local government and see how much progress has been made. We also analyse the SNP and Plaid Cymru manifestos. Become a member: https://ifs.org.uk/individual-membershipFind out more: https://ifs.org.uk/podcasts-explainers-and-calculators/podcasts
  • 15. ELECTION SPECIAL: The Reform UK and Green Party manifestos explained

    25:37
    We discuss the Reform UK and Green Party manifestos and give our reaction to the policies and pledges within them.Find out more: https://ifs.org.uk/Become a member: https://ifs.org.uk/individual-membership
  • 14. ELECTION SPECIAL: The Labour manifesto explained

    39:23
    We discuss the Labour manifesto launched on Thursday and give our reaction to the policies and pledges within it.Find out more: https://ifs.org.uk/Become a member: https://ifs.org.uk/individual-membership
  • 13. ELECTION SPECIAL: The Conservative manifesto explained

    35:32
    We discuss the Conservative manifesto launched on Tuesday and give our reaction to the policies and pledges within it. Find out more: https://ifs.org.uk/Become a member: https://ifs.org.uk/individual-membership
  • 12. ELECTION SPECIAL: The government's record on tax

    28:08
    It’s manifesto week, and we’ll be coming to you with plenty of analysis of the promises, pledges and numbers. In this episode, we’ll dive into some work looking at the how the size and shape of the state have changed over recent decades, and how the tax system has changed since 2010. We'll also give our reaction to the Liberal Democrat manifesto. Find out more: https://ifs.org.uk/Become a member: https://ifs.org.uk/individual-membership
  • 11. ELECTION SPECIAL: The 'conspiracy of silence' on the economy

    36:17
    The last few days have seen plenty of competing claims about tax rises, but very little discussion of the very tight fiscal situation facing the next government. What problems will they face? Can growth ride to the rescue?Also in this episode, we explore what's happened to the education system, from funding and teacher pay, to falling pupil numbers and the impact of COVID.Find out more: https://ifs.org.uk/Become a member: https://ifs.org.uk/individual-membership
  • 10. ELECTION SPECIAL: The UK economy since 2008

    44:05
    Since 2008, the UK economy has faced a series of shocks and challenges, leaving the next government with a difficult task. From low growth to falling living standards, we ask what structural problems the next government faces.We also tackle announcements on limiting tax rises, apprenticeships and the NHS waiting list. Find out more: https://ifs.org.uk/Become a member: https://ifs.org.uk/individual-membership
  • 9. ELECTION SPECIAL: What you need to know

    38:15
    In our first election special, we look at the broad economic picture and analyse announcements about the fiscal rules, the triple lock and tax.Find out more: https://ifs.org.uk/Become a member: https://ifs.org.uk/individual-membership
  • 8. How to grow the economy

    39:30
    After years of sluggish growth and flatlining productivity, a rare political consensus has emerged that growing the economy is one of the key priorities of the next government. With an election on the way, we're bound to hear pledges and policies on how to get the economy growing again.But how can we actually grow the economy? Can we get productivity growth back on track? And in what sectors can the UK lead?To help answer these questions, we’re joined by Anna Valero, Policy Fellow and Director of the Growth Programme at the Centre for Economic Performance at the LSE.Find out more: https://ifs.org.uk/Become a member: https://ifs.org.uk/individual-membership