‘Fiscal fiction’: IFS challenges Reeves’ tax measures

cityam11-27

The IFS said it would take 'heroic restraint' to push through efficiencies The Chancellor may need to come back for more tax rises at a future Budget, according to the Institute for Fiscal Studies (...

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Or maybe when the time comes and the election looms, it will find that the spending plans are unrealistically low.”Stay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.Miller added that the fact the promised spending restraint was coupled with a similarly backloaded approach to tax rises that only “delayed the pain [and were] reminiscent of fiscal fictions of yesteryear”.Rachel Reeves took the country’s overall tax take to the highest it has been in history during Wednesday’s Budget, generating an additional 22bn of annual revenue for the Exchequer by the end of the accounting period in 2030.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0029865408.USD":"TEMPLETON LATIN AMERICA \"A\" INC","IFS":"Intercorp Financial Services Inc.","LU0320763518.SGD":"FTIF - Templeton Latin America A Acc SGD","BK4207":"综合性银行","LU0300738514.USD":"TEMPLETON EMERG MKTS SMALLER CO \"A\"(USD) ACC","LU0128526570.USD":"TEMPLETON LATIN AMERICA \"A\" ACC","LU0300738605.USD":"TEMPLETON EMERG MKTS SMALLER CO \"A\" INC"},"translate_title":"“财政虚构”：IFS挑战里夫斯的税收措施","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"IFS":1.5},"content_text":"The IFS said it would take 'heroic restraint' to push through efficiencies The Chancellor may need to come back for more tax rises at a future Budget, according to the Institute for Fiscal Studies (IFS) which warned much of the headroom Rachel Reeves carved out for herself relied on “near heroic restraint” on departmental spending in an election year.Helen Miller, the think tank’s director, said that the Chancellor’s pledge to slash the rise in day-to-day spending by 50 per cent between 2028 and 2030 would involve “near heroic restraint”, despite it representing a large share of her so-called fiscal headroom.The government had previously committed to raising departmental budgets by one per cent a year over the last two years of the parliament. But in fiscal projections announced at Wednesday’s Budget, ministers committed to reducing those spending plans to a rise of just 0.5 per cent by rooting out “inefficiencies”, saving around £4bn in 2029-30.The savings represent a third of the fresh headroom carved out by the Chancellor to appease nervous bond markets and decrease the chances of breaking her fiscal rules again and having to return for another major tax-raising budget closer to an election.\n\n‘All will be revealed’“All will be revealed at the 2027 Spending Review,” Miller said in the think tank’s closely watched post-Budget conference. “Perhaps the government really will be able to find new efficiency savings. Or maybe when the time comes and the election looms, it will find that the spending plans are unrealistically low.”\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMiller added that the fact the promised spending restraint was coupled with a similarly backloaded approach to tax rises that only “delayed the pain [and were] reminiscent of fiscal fictions of yesteryear”.Rachel Reeves took the country’s overall tax take to the highest it has been in history during Wednesday’s Budget, generating an additional £22bn of annual revenue for the Exchequer by the end of the accounting period in 2030.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.9","shortVersion":"4.35.9","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2586837225","isCrawlerRequest":true}