UK economy: £25bn in tax rises ‘needed’ to rebuild public services say IFS

The Institute for Fiscal Studies says the Chancellor Rachel Reeves may need to raise up to £25 billion a year from higher taxes - to avoid a return to austerity.

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The economic think tank said plans mooted by the Treasury to free up billions of pounds by changing the fiscal borrowing rules would "do almost nothing" to improve funding for public services.

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