IFS concerned Budget is 'a repeat of the silly games played by the last government'

More tax rises likely

Rachel Reeves’ inaugural Budget on Wednesday (30 October) contains “lurking” risks around spending and borrowing, according to the Institute for Fiscal Studies.

Large increases in tax and spending, promised by the Labour party are "not costless", according to the economic think-tank's director, Paul Johnson, who expressed concern about the "front-loaded" nature of many of Reeves' spending commitments.  The chancellor said that after 2025-26, day-to-day public spending is projected to decline to 1.3% per year, a figure that Johnson described as "miserable". "Of course, spending will start off higher but, frankly, I would be astonished if these plans are kept to," he said, adding that the Labour Party's first fiscal event since 2010 "looks horr...