Budget: Little room for more spending, says IFS

That's despite his planning the biggest tax rises for more than 25 years. Mr Johnson said the chancellor would be "Hoping against hope" that the economy performed better than expected over the next few years, pushing up tax revenues that would "Help to dig him out of what still looks like a fair-sized hole". The IFS produces analysis of the country's finances in its Green Budget every year. The report highlights the UK's strong economic recovery this year, in the wake of the vaccine roll-out, meaning that borrowing this year could be more than £50bn lower than was forecast in March. The costs of financing government debt will be £15bn higher this year, and in future years, than was forecast in the March 2020 Budget.

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