The Institute for Fiscal Studies (IFS) has warned that tax rises will be difficult to avoid in the next five years.
The IFS recently stated that it will be a ‘considerable surprise’ if taxes do not increase over the coming five years.
According to the IFS, whoever wins the upcoming General Election faces a ‘trilemma’ - raise taxes by more than previously indicated in party manifestos, implement cuts to some areas of spending or borrow more and allow debt to rise for longer.
Paul Johnson, Director of the IFS, said: ‘Huge decisions over the size and shape of the state will need to be taken, that those decisions will, in all likelihood, mean either higher taxes or worse public services.
‘Despite a damaging rush to rule out increases in all sorts of tax rates, it will be a considerable surprise if no other taxes are increased over the next five years.’
27/06/2024
View all >
23/04/2025
Business confidence falls to two-year low
Data published by the Institute of Chartered Accountants in England and Wales (ICAEW) has revealed that business confidence has fallen to its lowest level in two years.
READ MORE
Petrol prices help lower inflation
Lower petrol prices helped to drive down UK inflation by more than expected in the year to March 2025, official data has revealed.
More parents finance child's house deposit
More parents are financing their children’s housing deposits, according to new research.
Sign up to keep in touch to receive our latest news and industry updates.
* *
Yes, I would like to receive email updates providing me with the latest finance news, advice guides and details of future events.