The Spectator(@spectator):The headlines today say John Healey has a £35 billion hole in his Budget. The figure comes from the Institute for Fiscal Studies (IFS) – but the think-tank also says that Healey's headroom, the margin by which government revenues are projected to exceed day-to-day spending in a few years' time, may have barely changed since Rachel Reeves's spring forecast, falling from £24 billion to perhaps £20 billion now. So what's going on? The IFS's £35 billion figure isn't for headroom. ✍️ John O’Neill Article |

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The Spectator@spectator

2026.10.12 17:00

The headlines today say John Healey has a £35 billion hole in his Budget. The figure comes from the Institute for Fiscal Studies (IFS) – but the think-tank also says that Healey's headroom, the margin by which government revenues are projected to exceed day-to-day spending in a few years' time, may have barely changed since Rachel Reeves's spring forecast, falling from £24 billion to perhaps £20 billion now. So what's going on? The IFS's £35 billion figure isn't for headroom. ✍️ John O’Neill Article |