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6.16pm GMT Rating agency Fitch has just issued a comment on the autumn statement, saying it "confirms the scale of the UK fiscal challenge".
Significantly, the agency stated that missing Britain's supplementary debt target (related to national debt as a percentage of GDP) "weakens the credibility of UK fiscal framework".
Taking into account commitments that have been made under social security and healthcare programmes, the UK fiscal imbalance – or the gap between tax and spending – was 13.6% of the estimated present value of UK GDP, the IEA said.
He told the programme he had some difficulty following the logic of UK fiscal policy.
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