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Brown may have to seek £10bn extra tax, says IFS « PRImage

Brown may have to seek £10bn extra tax, says IFS

The Times reports that Gordon Brown may have to raise taxes by £10 billion and slash another £10 billion from public spending to meet his fiscal rules over the next five years, according to an independent think-tank report from the Institute for Fiscal Studies (IFS). The report casts doubt on the strength of the legacy that the Chancellor will leave if he moves to No 10 as expected this summer. It argues that the improvements in the public finances over the past decade are less impressive than than those of most of Britain’s economic rivals. It also estimates that tax revenues have risen over that period by the equivalent of £1,300 a family.

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