Britain loses 330 billion pounds in public finances - The acute problem that the new Prime Minister, Burnham, must solve
Britain's public finances are losing around £330 billion a year due to weak economic growth, an ageing population and a failing public health system, according to estimates from a group of experts that show the scale of the challenge facing the next prime minister.
The left-leaning Resolution Foundation said former Manchester mayor Andy Burnham, who is expected to replace Keir Starmer in Downing Street on Monday, needs a new fiscal strategy to stop borrowing, public spending cuts and tax increases becoming more painful.
Around two-thirds of the £330bn gap comes from a slowdown in economic growth per person since 2007. In a report on what it called Britain's two-decade fiscal problem, the Resolution Foundation also said the triple-lock system for increasing the value of state pensions should be replaced with a less costly link only to average earnings.
Meanwhile, reforms are needed to replace fuel tax bills, which are being lost as citizens switch to electric cars. Increased investment in public services would counteract a decline in productivity.
The impact of the war in Iran has probably reduced the government's room against current fiscal rules from £23.6 billion in March to £10 billion currently.
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