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The Latest Breaking News from IFS

Liz Truss U-turn will send taxes to highest levels since 1950s

But economists warn more pain yet to come with spending cuts

The Independent UK

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

Pound falls after Liz Truss U-turn, as IFS warns ‘piecemeal’ changes won’t cut it

Sterling dips and cost of government borrowing rises despite PM’s bid to reassure markets

The Independent UK

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Why Liz Truss' pledge not to cut public spending is not all that it seems

Critics believe the Prime Minister has three options: U-turn and cut spending, U-turn on tax cuts, or keep going and drive the economy off a cliff. Some of the answers may lie in the detail

Daily Mirror

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

Bank of England expands push to stabilize financial markets

The Bank of England has expanded its emergency effort to stabilize the financial markets amid concerns the government’s plan to slash taxes pose a “material risk” to Britain's fiscal stability

The Independent UK

No return to austerity under Liz Truss, 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.

The Independent UK

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Liz Truss deserves ‘benefit of the doubt’ after sparking market turmoil, JP Morgan chief says

Jamie Dimon says he would ‘like to see the new PM be successful’

The Independent UK

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

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

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The Guardian - 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 Independent UK

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 Guardian - 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 Independent 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.

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Daily Mirror

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

The Guardian - UK

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

Wales Online

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

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

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.

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