Brexit, slashing investment and Liz Truss’s mini-budget are among the “own goals” that have led to the UK’s dire financial straits, according to a top economist.
Paul Johnson, the director of the Institute for Fiscal Studies (IFS), has been speaking about what left the UK in a position where yesterday’s autumn statement – that will leave more than half of all households worse off – was deemed necessary.
He said: “Let’s start with slashing investment spending, that was something announced under the last Labour government and continued by George Osborne.
“Cutting spending on education, particularly huge cuts to vocational and further education, but also to schools over that period.”
Mr Johnson added that “very clearly, Brexit was an economic own-goal”.
“There may be other reasons for Brexit, but economically speaking that has been very bad news indeed and continues to be bad news, particularly…