IFS green budget: February 2015

[Preface ...] In this book, we examine how the public finances, and the plans for fiscal consolidation, have evolved during this parliament. We set out what has happened to the pay of different groups, and assess the current direction of travel as real earnings growth slowly returns. We consider the risks that the next government will face in reducing the deficit and then maintaining low levels of borrowing. We also analyse some of the specific options that a government might consider to achieve further deficit reduction. We take, in turn, cuts to spending on public services (including a detailed overview of the challenges facing the NHS), cuts to spending on social security and increases in tax. [...]