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The Latest Breaking News from IFS

Axing or taxing - difficult decisions ahead for Kate Forbes

Tomorrow's Spending Review announcement comes during a particularly tight time for the economy

Insider UK

Scotland faces 'difficult finances' amid claims of £3.5 billion 'black hole'

FINANCE Secretary Kate Forbes has said Scotland faces a “very difficult financial position” over the next few years amid rising tax warnings…

The National (Scotland)

Scotland facing 'tough decisions' as finance gap highlights lack of powers

The Institute of Fiscal Studies (IFS) said that a "substantial" gap in the Scottish government's finances are likely

The National (Scotland)

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Rishi Sunak to announce windfall tax on energy firms

One-off levy to fund support package amid cost of living crisis which could include increase in benefits

The Guardian - UK

Major cost of living announcement tomorrow as Tories scramble to move on from Partygate

Rishi Sunak will make a cost-of-living statement to the Commons where he could announce £10bn of new spending - funded by a windfall tax - with Tory sources claiming the brought-forward announcement would mostly help poorer families

Daily Mirror

Inflation rate for UK’s poorest forecast to hit 14% after price cap rise

IFS and Resolution Foundation warn of disproportionate impact of energy prices on low-income households

The Guardian - UK

Poor households may face inflation rate of 14 per cent by this autumn

Poorer families will be disproportionately affected, according to the Institute for Fiscal Studies

Evening Standard

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Cost of living crisis: Poorer households face even higher inflation, Institute for Fiscal Studies warns

Poorer households may face an eye watering inflation rate of 14 per cent, the influential Institute for Fiscal Studies has said, after the boss of energy regulator Ofgem warned bills will soar even higher this autumn.

Evening Standard

Inflation for poorest households ‘could reach 14%’ amid surging energy bills, IFS warns

In comparison, benefits for the poorest families were uprated by 3% in spring

The Independent UK

Tory MPs call for action on ‘outrageous’ 12% interest rate rise on student loans

Two former Tory ministers called for the government to take immediate action in a bid to curb rises

Evening Standard

Families spending more than £10,000 a year on childcare as costs soar

A report has highlighted the 'significant pressure' parents are facing

Wales Online

Parents spending £10,000 a year on childcare – report

Parents with younger children are hardest-hit by a lack of Government support, says the IFS.

The Independent UK

Poor Brits hit hardest as inflation goes up by 10.9% - but only 7.9% for rich households

Rishi Sunak is still refusing to help ease the cost of living crisis by resisting demands for a windfall tax on energy giants. Meanwhile, households are facing high costs

Daily Mirror

Poorest facing inflation of 11% while rich only hit by 8%, say experts

While inflation was confirmed to have hit a 40-year high of 9% this morning, the poorest in society are facing a real-terms hit of 11%

Wales Online

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The Hindu

Andhra Pradesh: IAS, IFS probationers advised to work for the downtrodden

Governor interacts with young officers at Raj Bhavan

Daily Mirror

Rishi Sunak blasted for using 'Computer Says No' excuse to cut benefits for millions

The Chancellor admitted 'it sounds like an excuse' after he blamed IT 'problems' for a real-terms benefit cut. Experts told the Mirror there were computer difficulties with some benefits - but they are no reason not to act

Wales Online

Earnings boom for bankers during pandemic fueling income inequality

And the future is 'bleak' for lower-income households, according to research

The Independent UK

Pay rises for finance workers are deepening inequality, IFS says

While most workers face a real terms cut in earings finance professionals’ pay is outstripping inflation, the IFS found

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The Guardian - UK

Biggest boom in City bonuses for years risks driving up inequality, says IFS

Think tank says pay and bonus deals have risen by about twice as much as other UK sectors

The Independent UK

Pay surge for City workers fuels new rise in earnings inequality, says IFS

New analysis found that mean monthly pay among finance workers in February was 31% higher than in December 2019.

The Guardian - UK

Student loan changes in England ‘could imperil supply of teachers and nurses’

Less well-off young people may be put off university, hitting supply of graduates in key sectors, says review

Wales Online

Student loan grades plan could stop poorer and ethnic minority pupils going to university - study

Under the proposals access to loans could be limited to pupils who have passed GCSE English and maths or two E grades at A level

The Guardian - UK

IFS: England’s student loan change to hit poor and minority ethnic people harder

One in four who received free school meals would not be able to get loans under proposal, analysis finds

The Independent UK

Minimum entry requirements for loans will impact poor and minority students

New research finds a quarter of poorer students who sat GCSEs in 2011 and 2012 would not have accessed loans under proposed entry requirements.

Wales Online

Rise of food and parcel deliveries during pandemic has resulted in more jobs that are lower-paid, report finds

Vacancies have increased the most for those without higher education, meaning many new opportunities are in lower-paid employment

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