What is the truth about Britain's finances?

'Read it, absorb it, and understand how the country works' Laura Kuenssberg
'Paul Johnson - the oracle of fiscal - has provided the perfect guide through this dense thicket of fiscal facts and fictions' Andy Haldane
'If you want to understand why crazy politics routinely trumps economic rationality in government choices, read this' Robert Peston
'Fire and passion, combined with the facts... Every politician should get a copy' Polly Toynbee

Paul Johnson and the enormously respected Institute for Fiscal Studies aim to hold Government to account - without which politicians will get away with their half-truths, elisions and dubious claims.

This is a forensic examination - by the man best placed to do so - of the £1 trillion it now costs to run the United Kingdom's economy. To follow the money. To provide an explanation, of where that money comes from and where it goes to, how that has changed and how it needs to change.

Government decisions determine the welfare of the poor and the elderly, the state of the health service, the effectiveness of our children's education, and how prepared we are for the future: whether that is a pandemic or global warming. As a society, we are a reflection of what the government spends.

Johnson looks at what happened following the financial crisis of 2008-09 and the austerity years that followed. He examines the way that the government tackled the economy during Covid - when the UK budget shot up to over a trillion for the first time - and he analyses prospects for our future as we grapple with looming recession and the cost of living crisis.
About the Author: Paul has been Director of the IFS since January 2011. He is also currently visiting professor in the Department of Economics at University College London. Paul has worked and published extensively on the economics of public policy, with a particular focus on income distribution, public finances, pensions, tax, social security, education and climate change. He was awarded a CBE for services to the social sciences and economics in 2018. As well as a previous period of work at the IFS his career has included spells at HM Treasury, the Department for Education and the FSA. Between 2004 and 2007 he was deputy head of the Government Economic Service. Paul is currently also a member of the committee on climate change and the Banking Standards Board. He was an editor of the Mirrlees Review of the UK tax system.