The Centre for Economics and Business Research says there is already £60bn of stealth austerity coming over the next two years as inflation erodes tax thresholds and real public pay.
The International Monetary Fund forecasts that the UK will have a budget deficit of 1.4pc of GDP by 2025, compared to Japan (2.5pc), Italy (3pc), Spain (4.1pc), Belgium and France (5pc), and the US (7.4pc).
The percentage forecasts for gross debt ratios by 2027 are: the UK (68), Spain (110), Belgium (115), France (118), the US (135), Italy (142), and Japan (263). Yes, the IMF’s Fiscal Monitor was drawn up before the mini-Budget but that budget no longer exists. The IMF already knew the details of the energy cap.