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The Latest Breaking News from the Institute for Fiscal Studies

There hasn’t been a ‘big chancellor’ since Osborne: IFS chief gives final mark

As he steps down after 14 years, Paul Johnson says politicians and voters refuse to accept economic tradeoffs

The Guardian - UK

Council tax bills set to rise at fastest rate for two decades, economist warns

Paul Johnson said council tax bills could rise by 5% a year following the Chancellor’s spending review

Evening Standard

More free school meals is a start – here’s what would really address child poverty

All children in England living in households claiming universal credit will soon be eligible for free school meals, the UK government has announced. This will improve the lives of 500,000 more children and save their families £500 per year.

The Conversation

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Free school meal expansion in England will benefit fewer than claimed, IFS says

With data showing one in four pupils already get free lunches, institute says short-term benefits overestimated

The Guardian - UK

Charities welcome free school meals change but warn ‘more is needed’

Charities and school leaders welcomed the change but urged the Government to reconsider the two-child benefit cap to ease poverty levels.

Evening Standard

Reeves may have to find further cuts and tax hikes amid economic gloom

Rising costs and global uncertainty may force chancellor to turn to pensioners and wealthier taxpayers

The Guardian - UK

Is this the new austerity? What the numbers say

With the chancellor announcing around £4.8 billion of cuts to welfare spending over the next five years, Alicja Hagopian looks at whether the UK is returning to the austerity policies of ther 2010s

The Independent UK

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‘Good chance’ Reeves will have to raise taxes in autumn budget, thinktank says – as it happened

Institute for Fiscal Studies also warns Reeves over her focus on sticking with fiscal rules regardless of real world events

The Guardian - UK

Spring statement will lead to six months of ‘damaging speculation’, IFS warns

The Institute for Fiscal Studies said Rachel Reeves’ adherence to fiscal rules will lead to speculation about tax hikes in the autumn budget.

The Independent UK

How many people get benefits now and how does the total compare with 20 years ago?

The number of people claiming disability benefits for mental health problems has increased significantly since the pandemic

Evening Standard

Rachel Reeves has three options to dodge an economic crisis and all are unthinkable

As her £9.9bn of headroom evaporates, chancellor will have to raise taxes, cut spending or break ‘iron-clad’ fiscal rules

The Guardian - UK

Awareness of Sharia-compliant pension options should be increased, says IFS

Policymakers and businesses should look at ways to simplify the process of switching to Sharia-compliant investment strategies, the IFS said.

Evening Standard

Top financial institutions give verdicts on SNP's Scottish Budget

TWO respected financial institutions have given their verdict on the SNP Government Budget, noting a “significant increase” in public service…

The National (Scotland)

Scottish income tax policy not working, financial services body claims

Scottish Financial Enterprise said rates should be brought more closely in line with those south of the border.

The Independent UK

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The Guardian - UK

Labour’s stopgap tuition fee rise is a further test of students’ faith

First hike since 2017 staves off fuller reckoning with higher-education funding but gives no confidence for the future

Top News

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.

The National (Scotland)

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.

Evening Standard

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.

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The Independent UK

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

UK politics live: Budget means weekly pay to rise just £13 in 20 years as IFS calls Reeves’s plans ‘unrealistic’

The Resolution Foundation has warned that the pay outlook is “dire” and many UK workers will not feel any better off by the end of this Parliament

Evening Standard

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

The Guardian - UK

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”?

Evening Standard

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.

The Guardian - 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

Evening Standard

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

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