Deloitte chief economist comments on today’s Spending Review

Commenting on the Chancellor’s Spending Review, Ian Stewart, chief economist at Deloitte, said:

“Government debt levels are rising in a way that has only ever been seen before in time of war. The UK will have to live with historically high levels of public debt for many years to come. Government activism has hugely mitigated the human cost of the worst economic downturn in 300 years. It would be a remarkable achievement if unemployment peaks at 7.5% as the OBR forecasts, far lower than what it expected in July, and lower than in any major UK recession in the last 100 years. Higher public debt has helped to avoid collapsing household incomes and widespread job losses.”

End

Notes to editors

About Deloitte
In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.

Deloitte LLP is a subsidiary of Deloitte NSE LLP, which is a member firm of DTTL, and is among the UK’s leading professional services firms.

The information contained in this press release is correct at the time of going to press.

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