Under Labour, Britain is living beyond its means

The bleak future of the UK’s public finances can be summed up in a few statistics. For the financial year just ended, the Office for National Statistics’ provisional estimate for the government’s deficit – the gap between income and expenditure – is £151.9 billion. The Office for Budget Responsibility’s estimate is that spending on welfare (including the state pension) will rise from £313 billion in 2024/25 to £377 billion in 2029/30 in today’s money – an increase of £64 billion. The government, meanwhile, has proposed changes to the welfare system, reducing Personal Independence Payments (PIPs) which it hopes will save £4.8 billion a year.

These changes have been opposed by 42 Labour MPs who have written to the chief whip to object, although it is reported that a further 100 of them – more than enough to wipe out the government’s majority – have also expressed their intention to rebel.