UK Could Come Close To Closing Revenue and Spending Gap in 2020

Conservatives and Labour will battle it out at the polls tomorrow. Traditionally the parties are associated with different fiscal approaches. While the Conservatives are associated with more spending discipline, Labour seems less afraid to spend an additional pound (e.g. welfare and housing). Of course these simple attributions do not always hold true.

In 2010, the Conservatives won the General Election and David Cameron became Prime Minister. After his re-election in 2015, he stepped down prematurely last year after the Brexit vote. Current Prime Minister Theresa May took over.

According to data provided by the International Monetary Fund, Britain could come closer to balancing its books by 2020, with a gap of £19 billion remaining. In 2016 the gap was three time as wide standing at £60 billion. If these predictions come true remains to be seen, especially because the costs of Brexiting are unclear.