If the figures that the Institute for Fiscal Studies have produced are right, the next Parliament will have to take 5% of national income, in the form of higher taxes or lower spending, and use it to cut government borrowing. That kind of money-raising will dominate the life of the next government. The last person to have to sort out such a big fiscal problem was Norman Lamont in his 1993 budget. Lord Lamont discusses what such fiscal tightening is like.
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