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The Latest Breaking News from IFS

Unfunded tax cuts mean UK ‘will need £60bn spending cuts’

IFS says Kwasi Kwarteng’s mini-budget will leave ministers making serious reductions in public services

The Guardian - UK

Kwarteng faces finding £60bn of public spending cuts, says IFS

The Institute for Fiscal Studies said efficiency savings and ‘trimming the fat’ will not be enough to get debt falling.

The Independent UK

Dithering Truss leaves families in benefit limbo as Kwarteng may need to cut £60BILLION

Lib Dem Wendy Chamberlain warned the failure of Prime Minister Liz Truss to make a decision on benefits meant "millions of people are left in a grim limbo" across Britain

Daily Mirror

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Public sector job losses could pass 100,000 if government refuses pay rises, says IFS

Chancellor must top up budgets or face industrial action and further recruitment issues, thinktank warns

The Guardian - UK

Households on every income to be worse off in three years after mini-budget, study claims

The freezes will take away £2 for every £1 given to households through tax cuts, the study suggests

Wales Online

Households to lose £2 in 'stealth' tax raid for every £1 gained under Liz Truss's plans

The Institute for Fiscal Studies (IFS) found households will lose more over the next three years than they will gain from Tory cuts to personal taxes

Daily Mirror

Households will lose £2 in stealth freezes for every £1 in Truss tax cuts, says IFS

Millions are predicted to suffer hike in mortgage payments

The Independent UK

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IFS: Millions in Britain ‘face stealth tax raid’ under Liz Truss’s plans

For every £1 given workers by cutting tax rates £2 was being taken via freeze on income tax thresholds, thinktank calculates

The Guardian - UK

£2 taken from households in ‘stealthy’ freezes for every £1 in tax cuts – IFS

By 2025–26, freezes will take away £2 for every £1 given to households through the headline personal tax cuts, the Institute for Fiscal Studies said.

The Independent UK

Chancellor's spending freeze means '£11bn of cuts' for schools and hospitals

A local government minister said there is 'fat to be trimmed' from local council budgets

Wales Online

Tories have made UK ‘laughing stock’, says donor defecting to Labour

Truss and Kwarteng are ‘zealots’ practising ‘GCSE economics’, says Gareth Quarry

The Independent UK

Government dismisses criticism of tax cuts as ‘politics of envy’

It comes as Chancellor Kwasi Kwarteng unveiled the biggest programme of tax cuts for 50 years

Manchester Evening News

Government says tax cuts flack is 'politics of envy'

Labour accused PM Liz Truss and Chancellor Kwasi Kwarteng of dabbling in 'casino economics'

Wales Online

Chancellor says mini budget ‘is not a gamble’ as pound plunges

Kwarteng defends massive tax cuts and borrowing as spooked markets leave pound at new 37 year low

Evening Standard

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The Guardian - UK

Half of Kwarteng’s cuts to personal tax will go to richest 5%, say experts

Thinktank says someone earning £1m will gain £40,000 as top rate, basic rate and national insurance reduced

The Independent UK

Kwarteng ‘betting the house’ with tax plans helping only those on above £155k

Institute of Fiscal Studies warned there was no ‘semblance of an effort to make the public finance numbers add up’.

The Guardian - UK

Friday briefing: What to expect from Kwasi Kwarteng today

In today’s newsletter: The newly appointed chancellor will deliver his first ‘fiscal event’ in Parliament today – but will it make a difference?

Chronicle Live

What to expect in tomorrow's Mini-Budget - Stamp Duty, energy bills and National Insurance

Everything we know about Kwasi Kwarteng's statement tomorrow - from Bankers' Bonuses to the real living wage.

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news in one place.

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Daily Mirror

Mini-Budget 2022: All predictions with Stamp Duty, energy bills and National Insurance

What time is the mini-Budget? Will it increase the real living wage? And why on earth is it tipped to axe the bankers' bonuses cap? Here's everything we know about Kwasi Kwarteng's statement

The Guardian - UK

From stamp duty to defence spending: what will Kwarteng’s mini-budget do?

Tax cuts and more borrowing are likely to feature on Friday as the chancellor gambles on growth

Manchester Evening News

National Insurance hike to be reversed, chancellor confirms

The increase, which came into effect in April, will be reversed in November

Chronicle Live

National Insurance cut to take effect November 6, announces Government

Kwasi Kwarteng's mini-budget will reverse the 1.25-point hike which took place in April under the last Conservative regime - with changes coming into play sooner than anticipated

Daily Mirror

National Insurance cut will take effect on November 6, government announces

Kwasi Kwarteng's mini-Budget will pledge to reverse the 1.25-point hike in National Insurance that took place in April under the last Tory regime - and it's happening a little earlier than expected

The Independent UK

Britons to be £500 worse off despite government support, says IFS

Higher earners will be more than £1,000 out of pocket compared to last year, analysis shows

Evening Standard

Chancellor Kwasi Kwarteng to deliver biggest tax cuts since Nigel Lawson’s Budget 34 years ago, says IFS

The Institute for Fiscal Studies also warned the Government’s dash for growth may not deliver on anything like the scale hoped for

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