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The Latest Breaking News from the Institute for Fiscal Studies

UK Treasury Chief Raises Taxes, Warns Of Lower Wages

UK Treasury raises taxes by 40 billion pounds, affecting wage growth and public services. Potential future tax increases and spending concerns highlighted.

Top News

Lower pay rises likely as result of Budget tax increases, Rachel Reeves admits

Tax rises in the Budget are likely to hit workers in the pocket with lower pay rises, Rachel Reeves has admitted.

The National (Scotland)

Lower pay rises likely due to Budget tax rises, Rachel Reeves admits

The Chancellor acknowledged her decision to raise national insurance contributions for employers could impact wage growth for workers.

Evening Standard

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Lower pay rises likely due to Budget tax increases, Rachel Reeves admits

The Chancellor acknowledged her decision to raise national insurance contributions for employers could affect wage growth for workers.

The Independent UK

Taxes to rise higher AGAIN in next few years and wage increases hit, warn IFS economists after Reeves Budget

The Institute for Fiscal Studies also stressed that much of the National Insurance rise on employers would feed through into smaller pay rises for workers

Evening Standard

Wednesday briefing: Five key messages that will define the budget

In today’s newsletter: Labour has told two stories about Rachel Reeves’ budget. Will it be an end to austerity – or an acceptance of “the harsh light of fiscal reality”?

The Guardian - UK

Fact check: The proportion of adults paying income tax has risen since 2014

In the 2014-15 fiscal year around 30.7 million people paid income tax, and this reached 37.4 million a decade later.

Evening Standard

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No tax hike ‘on payslips’, minister insists amid confusion over ‘working people’

Bridget Phillipson refused to say whether a small business owner earning around £13,000 in net profit would count as a working person.

Evening Standard

No tax hike on payslips, vows minister amid confusion over ‘working people’

But Bridget Phillipson warned Wednesday’s Budget will include ‘tough choices’.

The Independent UK

Rachel Reeves has promised not to raise taxes, so how can she fill budget coffers?

Chancellor said to be planning measures including raising employer NI contributions and capital gains tax rates. We consider the likelihood of each and the potential for a row

The Guardian - UK

Cabinet ministers angry at Budget cuts being demanded by Rachel Reeves told: We all face tough choices

But Education Secretary Bridget Phillipson insisted there would be no return to austerity

Evening Standard

No 10 rejects claim Labour misled voters about tax plans in manifesto – as it happened

Labour set out plans to raise taxes by £7.3bn in its manifesto – but Treasury briefing suggests £40bn in tax rises and spending cuts needed

The Guardian - UK

Row over claims Rachel Reeves could hike capital gains tax as high as 39%

Chancellor has dismissed Budget speculation but fears are rising over a massive tax hike to fill a £25bn black hole in her plans

The Independent UK

Thursday briefing: What the shock Badenoch-Jenrick leadership battle says about the future of the Tories

In today’s newsletter: Conservative MPs have whittled down the candidates to Kemi Badenoch and Robert Jenrick. What does that say about the direction of the party?

The Guardian - UK

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The Conversation

Why has there been a sharp rise in health-related benefits claims in Britain but not in similar countries? Expert Q&A

Since 2019, real-terms spending on health-related benefits in Britain has increased by £12 billion and is set to continue growing, according to a new report from the Institute for Fiscal Studies. However, comparable countries, such as France, Australia and the US, have not experienced similar increases in spending.

The National (Scotland)

Labour must take inspiration from Scotland's 'fair' tax system, SNP demand

LABOUR should take inspiration from Scotland’s “more progressive and fair”, MPs have heard.

The National (Scotland)

Labour's fiscal rules are 'daft' – they should borrow more, IFS director says

LABOUR’s self-imposed fiscal rules are “pretty daft” and ape the Conservatives, according to the director of a leading economics think tank ...

Evening Standard

London house prices £21,000 higher over five years after lagging behind England new homes rate, say economists

‘London is the only region where population growth significantly outpaced growth in housing supply,’ said the Institute for Fiscal Studies

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The Guardian - UK

Reeves and Hunt come to brink of fisticuffs over mysteriously absent £22bn

The chancellor blames her predecessor for everything, including her reinvention as a Ministering Angel of Death

Evening Standard

OPINION - Labour can get away with tax rises if NHS gets better and homes are built

Sir Keir Starmer has taken on the hard-Left and seen off the Tory Right. But now the Prime Minister faces his biggest battle yet: a head-on collision with the undisputed heavyweight champions of British politics — the Institute for Fiscal Studies.

The Guardian - UK

McDonald’s sales fall for first time since 2020, as higher prices deter consumers – as it happened

Live, rolling coverage of business, economics and financial markets as McDonald’s faces pressure to cut prices and lure back customers

Evening Standard

Britain could be hit with tax rises in autumn Budget given dire public finances, warn top economists

But the Institute for Fiscal Studies said the spending crisis was ‘predictable and predicted’

The Guardian - UK

Low wages under Tories have pushed 900,000 UK children into poverty, report finds

TUC says party has overseen ‘huge rise’ in poverty, as Resolution Foundation says average wages just £16 a week higher in real terms than in 2010

The Guardian - UK

Campaign catchup: Farage edgelording, Starmer misremembering, and who’s behind Binface?

In today’s newsletter: The Reform leader keeps wheeling out his Ukraine-sceptic, Russia-curious foreign affairs takes – but why?

Evening Standard

Party manifestos suggest ‘sharp cuts’ likely under next government, says IFS

The Institute for Fiscal Studies said the manifestos of the parties provided few details about the funding outlook for individual services.

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