I had a great time chatting about older people with @timharford.ft.com on BBC4 More or Less. The starting question was – are one in four pensioners really millionaires? Quick thread below: www.bbc.co.uk/sounds/play/...

Further to this, in a (plausible) scenario presented by the OBR, official plans imply that "unprotected" departments would face cuts of >3% per year, equivalent to more than £20 billion, between 2029 and 2031. That includes police, courts, job centres, colleges, prisons, HMRC, border force... 🤔

Underrated part of yesterday's Budget was what's happening to public service spending in 2028-29. Spending Review settlements reopened just 5 months after the SR to account for loosely-specified 'efficiency savings' of £1.4bn in 28-29 (rising to 4bn in 29-30)

We've written an explainer going through some of the options available to the Chancellor on departmental spending at next week's Budget:

We have a new report out on health & employment in people's late 50s and early 60s. One key finding is these widening gaps in the share of women experiencing depressive symptoms by wealth - likely to be an important headwind for a government looking to boost employment rates.

NEW PODCAST: The end of the peace dividend? UK defence in a changing world 🎧 @helenmiller.bsky.social, @maxwarner.bsky.social & @rusi.bsky.social's Matthew Savill chat all things defence spending: what it covers, how it's changed and what reaching 3.5% of GDP would mean: ifs.org.uk/articles/end...

In new @theifs.bsky.social work, we examine the fiscal challenge of the UK's commitment to higher defence spending. If met, for the first time in a long time health and defence spending would likely rise simultaneously (as a % of GDP). This would change the shape and/or size of the state.

Some great charts in this report. This one is my favourite. The UK has signed up the new NATO commitment to spend 3.5% of GDP on defence. The scale of the increase is fiscally challenging, and we've given ourselves a decade. Poland, on the other hand, has done it in just two years.

NEW: A response to government commitment to spend 5% of GDP on national security @beeboileau.bsky.social‬ and @maxwarner.bsky.social‬ set out what this could mean for government spending and future fiscal events: ifs.org.uk/articles/res...

Wrote pre-SR in the @observeruk.bsky.social about the pressures on defence spending & the risk that existing plans - which were confirmed at the SR - will need to be topped up in future: observer.co.uk/news/busines...

The govt's allocation of additional investment over this parliament is a good guide to its overall priorities - we're seeing big increases to defence and net zero, with less for more primarily growth-friendly areas (incl a real-terms cut to transport capital over the parliament)

🚨 OUT NOW 🚨 How do spending reviews work? 💷 Tory MP John Glen, former minister Brandon Lewis, former special adviser Sonia Khan and economists @tompope.bsky.social‬ & @beeboileau.bsky.social join @alaintolhurst.bsky.social to look behind the Treasury's spending plans 🎧 Listen here: pod.fo/e/2e0742

NEW: Four big decisions for the 2025 Spending Review @beeboileau.bsky.social, @maxwarner.bsky.social and @benzaranko.bsky.social explain why tough choices will be unavoidable at the upcoming Spending Review in our new briefing:

Lots of discussion today about regional investment. You can use our @theifs.bsky.social public spending tool to explore how much the government currently spends in each region of the UK, what it spends it on, and how that has changed over time: ifs.org.uk/calculators/...

EVENT: A look ahead to the 2025 Spending Review Join us at 11am on Monday 2 June for analysis of the key choices at next month's Spending Review, with speakers @beeboileau.bsky.social and @instituteforgovernment.org.uk's @stuarthoddinott.bsky.social. Sign up here: ifs.org.uk/events/look-...

Rather than doom-scrolling/trying to desperately learn what a ‘Treasury basis trade’ is, why not play with our new tool instead? Allows you to see, in lots of detail, how much the government spends on different things in each region (£, £ per person, % GDP). I’ll post some nice examples later.

We've built a new IFS tool which can be used to explore what the government spends money on, and where in the UK benefits from that spending. Here it is: ifs.org.uk/calculators/.... Short thread on what you can do with the tool:

We’ve written two new reports on the decisions people face when drawing on private pension wealth in retirement & policy reforms that might help improve these decisions. Important to get this right as defined contribution pensions get more important & can now be accessed flexibly. Thread below:

Looking forward to speaking at this event tomorrow morning on the challenges faced by people managing their pension wealth in retirement. Do come along for some discussion of what one Nobel Prize-winning economist called 'the nastiest, hardest problem in finance' (!)

NEW: A look ahead to the Spring Forecast @beeboileau.bsky.social, Carl Emmerson, @matthewoulton.bsky.social, Isabel Stockton & @benzaranko.bsky.social look at the Chancellor’s options in the upcoming Spring Forecast: [THREAD: 1/6]