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Reform Senior Economist James Zuccollo, wrote an opinion piece for City AM where he argued that George Osbourne has failed to live up to Britain’s long term fiscal challenges.
“Osborne is right to be concerned about the long term; unfortunately, the numbers are against him. The current deficit in 2012-13 stood at £85bn, over 5 per cent of GDP. However, were the government to adhere to standard accounting conventions and include future contractual obligations, such as public sector pension payments, the deficit would have been recorded as £179bn. For comparison, the entire health and schools budgets combined will amount to £162bn in 2014-15.”