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The Latest Breaking News from IFS

Government needs £60bn public spending cuts to tax giveaway

Institute for Fiscal Studies says it is not possible to deliver cuts on that scale through efficiency savings

Wales Online

Liz Truss 'must find' £60 billion of cuts as Scots warned of 'threat' to homes and pensions

A leading think-tank has predicted the UK Government will have to slash spending to fix the fiscal mess caused by Liz Truss and Kwasi Kwarteng.

Daily Record

Thérèse Coffey says nurses won’t get higher pay offer as strike vote looms

Health secretary says there is limited scope for negotiation on 3% offer and she is ‘not anticipating further changes’

The Guardian - UK

From analysis to the latest developments in health,
read the most diverse news in one place.

NHS won’t get ‘single penny less’ despite health and care levy repeal, says Treasury minister – as it happened

Latest updates: minister tells MPs health service budget will remain unchanged

The Guardian - UK

Inside Politics: ‘Material risk to UK financial stability’

IFS issues warning to chancellor on tax and spend plans as BoE steps in again to calm market turoil caused by chancellor’s ‘mini-Budget’, writes Matt Mathers

The Independent UK

Bank of England forced to boost bond-buying scheme amid market turmoil

‘Material risk to UK financial stability’, warns central bank

The Independent UK

IMF steps up criticism of mini-budget after ‘disorderly’ rise in borrowing costs – as it happened

International Monday Fund says a ‘change in fiscal policy’ would help calm bond markets…on day that Bank of England steps up its bond-buying support

The Guardian - UK

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Chancellor’s tax giveaways mean ‘painful’ £60bn spending cuts, IFS warns

The government must slash spending by £60bn and risk political turmoil to get debt under control unless it abandons plans for lower taxes, a leading economic think tank has warned

The Independent UK

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

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

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The Independent UK

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 Guardian - UK

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 Independent 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.

Wales Online

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

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news in one place.

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The Independent UK

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

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

Manchester Evening News

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

Wales Online

Government says tax cuts flack is 'politics of envy'

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

Evening Standard

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

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?

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