Chancellor needs extra £19bn tax to keep PM’s promises

Written by Oliver Wade
16/10/2018

Chancellor Philip Hammond will have to squeeze an extra £19bn out of taxpayers by 2022/23 to meet Prime Minister Theresa May’s promise to end austerity, while also keep his pledge to eliminate the deficit, according to a detailed analysis from one of the UK’s trusted economic bodies.

The Institute for Fiscal Studies (IFS) stated that the Chancellor will need to raise the equivalent of 1p on income tax, national insurance and VAT.

The institute warned that, unless economic growth is much better than expected, Hammond must decide between “substantial” tax increases or ditching his target of balancing the books by the mid-2020s.

    Share Story:

Specialist FTB and BTL markets
Adam Cadle talks to Vida Homeloans director of sales - mortgages Louisa Sedgwick about the specialist first time buyer and buy to let markets

Newsletter

Subscribe to our newsletter to receive breaking news by email.




MoneyAge welcome
MoneyAge Editor Adam Cadle discusses the brand and what is on offer

World Markets (15 minute+ time delay)