Voters do believe in the big money tree

A survey published in the Financial Times ahead of the Spring Statement is rather concerning as it shows that many voters do believe in the big money tree: https://www.ft.com/content/1581a348-41b4-4a01-b900-b7310522794e (unfortunately it is behind a pay wall, although some universities have access).

As Rob Ford of Manchester University, it shows that voters have a 'cake and eat it' approach to tax and spending.  It has long been observed that British voters want Scandinavian levels of public services and American levels of taxes.   The result is public debt at 100 per cent of GDP and a £20 billion a year bill just to service that debt.

47 per cent of voters believe that it is possible for government to reduce taxes and debt while increasing spending.  This suggests an alarming level of economic illiteracy.

What is more alarming is that younger voters are more inclined to believe this is possible: 63 per cent of 18-24 year olds and 62 per cent of 25 to 24 year olds.   The figure for those over 65 is 35 per cent as against 50 per cent who this is not possible.

What this suggests is an increasingly ungovernable country whoever is in office as voter expectations clash with economic reality.   Inflation would be one partial way out but has all sorts of economic and social costs.