Feb 26, 2020

Budget 2020: Chancellor must raise taxes in first Budget, says IFS

The new chancellor must raise taxes in his first Budget or break the government's rules on borrowing, a leading economic think tank has warned. The Budget is the government's yearly announcement of its plans for tax and spending for the coming financial year, which starts in April. The IFS said that even on current policy, borrowing next year could be £63bn, £23bn more than the most recent official forecast, putting Mr Javid's fiscal target in doubt. Taking into account the government's commitment to increasing investment spending, it added that even getting the current budget into balance would not be enough to bring down underlying debt over the course of the Parliament. IFS director Paul Johnson said Mr Sunak should "Recognise that more spending must require more tax".

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