Earlier, from the IFS Green Budget launch, I wrote of how long it's going to take for future governments to pay off Brown's debt binge. Above is the graph, from the Green Budget, which illustrates the point. As you can see, it will take until around 2032 for us to get back to the 40% debt-GDP ratio that (officially) prevailed under Brown's fiscal rules - and that's assuming that governments between now and then embark on a fiscal tightening programme of spending cuts and tax hikes. Even with more severe fiscal tightening, it's going to take until around 2025. One thing this fails to account for, though, is how much debt Brown's hidden off balance-sheet. The real prospect facing future governments may well be far more horrific.
Do check out the rest of the IFS's essential document, downloadable here.