Crisis and fiscal consolidation imply shift in spending from public services and investment to welfare and debt interest
The 7th Working Paper explains the evolution of the public finances from the outbreak of the global financial crisis in 2007-08 to the end of our forecast in 2018-19. This period saw the largest peacetime shock to the public finances in living memory, and ends with one of the biggest deficit reduction programmes seen in an advanced economy since World War II.
http://budgetresponsibility.org.uk/category/publications/working-papers/
