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Languages: English
Types: Article
After the 2008 financial crisis, recession and subsequent collapse in government revenues, the UK’s public deficit reached levels not seen since the Second World War. It had to deal with gearing by borrowing one pound for every four it spent. Before the 2010 election, all of the major parties agreed that tackling the deficit was a priority, and that spending reductions would play a major part. However, they did not agree over the timing and depth of cuts. The purpose of this paper is to briefly consider the phoney war that took place after the financial crisis and how within the impending uncertainty the comprehensive spending review was used to provide a framework for a long term planning approach, within which the annuality of the budget can take place.
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