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Percentage of national income Disease and cure (December 2012) Dec 2012: 8.2% national income (£129bn) hole in public finances, offset by 9.2% national income (£144bn) consolidation over 8 years 10 9 8 7 6 5 4 3 2 1 0 Other current spend Debt interest Benefits Investment Tax increases 85% 15% 2010–11 2011–12 2012–13 2013–14 2014–15 2015–16 2016–17 2017–18 © Institute for Fiscal Studies Notes and sources: see Figure 5.8 of The IFS Green Budget: February 2013.
Percentage of national income 1996–97 1997–98 1998–99 1999–00 2000–01 2001–02 2002–03 2003–04 2004–05 2005–06 2006–07 2007–08 2008–09 2009–10 2010–11 2011–12 2012–13 2013–14 2014–15 2015–16 2016–17 2017–18 Returning spending and revenues to pre-crisis levels 55 50 Total spending (no action) Receipts (no action) TME (December 2012) Receipts (December 2012) 45 40 35 30 © Institute for Fiscal Studies Notes and sources: see Figure 5.9 of The IFS Green Budget: February 2013.
Page 1: Public finances: outlook and risks
Page 5 and 6: Percentage of national income HMT B
Page 7 and 8: £ billion George Osborne has allow
Page 9 and 10: Wide range of views among forecaste
Page 11 and 12: Borrowing could be higher than the
Page 13 and 14: % of national income Summary of alt
Page 15: Key points • IFS baseline forecas

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