IFS pushes for new tax policy

Ben Southwood
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THE CHANCELLOR should set out specific tax objectives against which to test tax policy, a prominent think tank said yesterday.

This move should come as part of a new way of doing tax policy, the influential Institute for Fiscal Studies (IFS) argued, with the Treasury facing greater scrutiny in its policy-making. Reform is needed because the current system is unnecessarily “inefficient, complex and unfair” and costs run into billions of pounds in reduced output and welfare, the IFS said.