Debt and deficit financial terms explained by IFS

Politicians use phrases like debt - or national debt - and deficit, which not all voters and viewers understand, and some MPs can appear a little confused themselves over the terms.

Andrew Neil asked Institute for Fiscal Studies director Paul Johnson, to explain the real meanings of the two figures and how they are worked out.

More clips on our BBC website, external; 'like' us on Facebook, external page; follow us on Twitter, external or watch full programmes from the last seven days via BBC iPlayer