It's the Spring statement next week, when the Government explains the current financial state of the nation and what it is going to do about it but the Institute for Fiscal Studies (IFS) who scrutinise Government fiscal policy today came out and told us that already and used the phrase 'the pips are squeaking'.
'Not only are we not out of austerity but we’re nowhere near coming out of austerity' Paul Johnson the IFS Director explained saying there was still big spending cuts and big social security cuts to come.
Not only are we £2 trillion in debt but running up extra debt at £40bn a year with only low interest rates saving us from further misery as the debt is twice as big as it was in 2008 despite a decade of severe austerity measures.
'The fact is that soon taxes are going to have to rise or public services will fall to pieces, the pips are already squeaking. There comes a point when you can no longer kick the can down the road because the road is no longer usable' said Johnson who thinks it is about time the politicians level with the public about the financial challenges facing the UK.
'It’s very hard to see what’s left to squeeze' he says. 'Where do you go next? We are going to have to increase spending as a fraction of national income and increase taxes over the next 10 or 20 years.'
This Government, in one of their very first acts, cut the top rate of tax for the richest from 50% to 45% so raising taxes will not be the first, second or third place they turn.
The poor pips will be squeaking much louder before they even think about possibly considering it because pips don't count as we have found out with their horrendous and spiteful austerity cuts which have done nothing to cut the debt.