COVID-19 has already been extremely expensive, with borrowing forecast to exceed £400 billion this year and a substantial deficit set to continue well after the crisis has passed. But that borrowing has been crucial in supporting the economy through the deepest recession for 300 years and government spending has a crucial role to play in securing the recovery in the months ahead. Looking forward the Chancellor’s difficult job is to deliver against twin objectives of supporting the economy and ensuring the public finances are sustainable. When should the government start the process of fiscal consolidation given the need to restore economic growth? How significant a belt tightening will be required? What mix of spending cuts and tax rises should it pursue? And how are the answers to these questions shaped by the experience of the last decade of austerity? The Resolution Foundation – together with Standard Life Foundation – is hosting an interactive webinar to debate and answer these questions. Following a presentation of highlights from a major new report, we will hear from former Chancellor Philip Hammond, who will set out his thoughts on a future fiscal plan. Viewers will be able to submit questions to the panel before and during the event.
