Defence cuts effectively paid for UK welfare state for 60 years – but that looks impossible after Ukraine
- Written by Ben Zaranko, Senior Research Economist, Institute for Fiscal Studies
The conflict in Ukraine will have far-reaching economic consequences. The National Institute of Economic and Social Research forecasts that it could knock one percentage point off global GDP in 2023 – equivalent to around a trillion US dollars or £760 billion. The UK will be buffeted by the impacts of rising inflation, driven by...