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UK needs £40bn in tax hikes to balance the books by mid 2020s, warns IFS

Tax hikes of round £40bn a 12 months will likely be wanted to stability the books by mid 2020s, the Institute for Fiscal Research (IFS) has stated.

The revered thinktank poured scorn on Philip Hammond’s optimism in its evaluation of his first Spring Assertion, the place it declared the necessity for tax rises of £30bn every year to retain public spending and stability the finances by the center of the subsequent decade – which the Tories had promised to do.

An extra £11bn will likely be required to cowl well being, social care and pension wants for the ageing inhabitants – taking the whole to greater than £40bn, IFS director Paul Johnson instructed a briefing in London.

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