Long term fiscal projections are a good antidote to politicians talking about tax cuts

Every July the OBR publishes fiscal projections looking fifty years ahead. Each year the headline is the same. The public finances are on an unsustainable path, and if nothing is done government debt will be at some record level in half a century’s time. It’s a signal for general hand wringing. The first point to make is that this has nothing to do with current government policy. This Telegraph…