#Budget2015: Total spending set to fall MORE in years ahead than Chancellor previously planned
Hidden away in the OBR’s charts are some important figures on ‘Total Managed Expenditure’ – essentially all of the money government spends on services, pensions, help for low income workers and capital investment.
These data show that in the years immediately after the election the Chancellor is now planning to cut spending more than he proposed at the Autumn Statement in December.
The chart below shows how real growth rates in total spending were forecast to change at the Autumn Statement and are now forecast to change after today’s Budget. It sets out exactly the ‘rollercoaster’ effect the OBR has identified. Even sharper cuts for the next two years, significant cuts the year after and an inexplicable rise in spending rates at the end of the parliament.
If the Chancellor puts his plans into action, total public spending is set to fall by more than anyone had previously imagined.
(HT to @BenChu_ for identifying this trend)