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The Latest Breaking News from Institute for Fiscal Studies

“I have come here to chew bubblegum and kick ass. And I’m all out of bubblegum.” This is not a direct quote from Paul Johnson, director the Institute for Fiscal Studies think tank, but it is a close approximation.

Evening Standard

UK economy damaged by ‘own goals’ like Brexit and Liz Truss’s Budget, economists say

Institute for Fiscal Studies says UK faces ‘long, unpleasant journey’ over next few years

The Independent UK

Autumn Statement: Brits 'just got a lot poorer' with Middle England 'set for a shock'

After the Autumn Statement, the director of the Institute for Fiscal Studies Paul Johnson said he would be 'most surprised' if the tax burden returns to pre-Covid average 'at any time in the coming decades'

Daily Mirror

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Jeremy Hunt slams Tory MPs attacking tax rises: ‘Nothing Conservative about ducking difficult decisions’

Chancellor hits back at MPs attacking his £24 billion of tax rises

Evening Standard

Institute for Fiscal Studies warns against cutting spending on sixth forms

Thinktank says any reduction would ‘sit uncomfortably’ with pledge to focus on skills and economic growth

The Guardian - UK

Corporation tax U-turn: why the latest change means more uncertainty for UK business

Before the new UK chancellor, Jeremy Hunt, rolled back almost all of September’s mini-budget measures, the first tax cut to go was Liz Truss’s plan to scrap a corporation tax rise.

The Conversation

Independent Scotland could face 'bigger cuts to spending and higher tax rises' than rest of UK

The Institute for Fiscal Studies said the latest Scottish Government briefing paper on independence "skirts around" tough spending choices.

Daily Record

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Teachers threatening strikes told Welsh Government simply can't afford to pay what they want

Welsh Government education minister Jeremy Miles said the unions' 12% pay demand was 'reasonable' but the cash simply isn't there

Wales Online

NI to stamp duty: what is left of Kwasi Kwarteng’s mini-budget?

After series of U-turns and Kwarteng’s sacking as chancellor, here is where things stand

The Guardian - UK

No return to austerity under Liz Truss despite budget shortfalls, says Downing Street

The Prime Minister also remained ‘committed’ to the growth measures set out in the Chancellor’s mini-budget, her official spokesman said

Evening Standard

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

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

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

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

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The Independent UK

Ex-Tory minister willing to get ‘kicked out’ of party by rebelling on benefit cuts

Johnny Mercer vows to defy whip and claims Liz Truss ‘urinating’ on promises

Daily Mirror

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

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.

The Independent UK

UK Treasury chief to set out tax-slashing emergency budget

The U.K. government will publish an emergency budget statement outlining how it plans to slash taxes, tame soaring inflation and boost economic growth as a recession looms on the horizon

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The Guardian - UK

Pound plunges through $1.09 as former US Treasury secretary blasts ‘naive’ UK policies in mini-budget– as it happened

Sterling has tumbled by over three cents to 37-year low, and UK gilt yields are surging, after Kwasi Kwarteng announced huge unfunded tax cuts

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.

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

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

Evening Standard

Liz Truss’s plans for tax cuts ‘a gamble at best’, says leading think tank

The Institute for Fiscal Studies said the new PM risks putting the public finances on an ‘unsustainable path’

The Guardian - UK

‘Who pays?’: Labour go on the attack over Truss’s energy plans

Opposition says PM has not detailed how she will fund her price freeze after ruling out windfall tax

Wales Online

Economist explains how UK energy crisis plan will affect bills and inflation

More on who will ultimately be left to foot the bill

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