Philip Hammond must spend billions extra to end austerity, says think tank the Institute for Fiscal Studies (IFS). To maintain per capita spending across government departments which don't have ring-fenced budgets, he must find an extra £5bn a year by 2023, it adds. And maintaining spending on unprotected services as a share of national income would require £11bn on top of spending plans set out in the 2018 Budget.
Chancellor of the Exchequer Philip Hammond has said the “era of austerity is finally coming to an end”, in his last Budget before Brexit. He spent a windfall from better public finances on more money for universal credit and bringing forward planned income tax cuts by a year.