Higher tax ‘inevitable’ as PM makes defence spending pledge June 24, 2025 Keir Starmer’s fresh commitment to ramp up defence spending to five per cent as a share of GDP by 2035 will almost certainly have to be funded by more tax hikes, the Institute for Fiscal Studies (IFS)’ Paul Johnson has warned. The government’s pledge to spend 3.5 per cent of GDP on defence and a [...]
Brits to spend half a year waiting for Tax Freedom Day after Labour tax hikes June 12, 2025 Tax Freedom Day is set to be on the latest ever date within a matter of years, fresh research has revealed, with Chancellor Rachel Reeves showing no signs of cutting taxes in the near future, given inflated spending. Reeves unveiled billions more cash to be injected into several departments at yesterday’s Spending Review while funding [...]
Nato to pressure UK to spend 3.5 per cent on defence June 3, 2025 The UK will have to spend 3.5 per cent of GDP on defence by 2035 as part of a new Nato demand, according to reports, stretching government expenditure far beyond the current 2.5 per cent commitment made by Keir Starmer. The Labour government has agreed to increase defence spending to 2.5 per cent from 2027, [...]
Reeves’ spending review ‘natural point’ to boost defence -IFS June 1, 2025 The Chancellor’s upcoming spending review provides a “natural point” to put the UK on the path to further boost defence spending, an economic think tank has said. Defence and NHS spending will dominate the review, the Institute for Fiscal Studies said in an analysis. It said Rachel Reeves will face “unavoidably” tough choices on 11 [...]
With AI, ‘everything is under review’ at London-based tech firm IFS May 13, 2025 Enterprise software firm IFS, valued at €15bn (£12.64bn), is doubling down on industrial AI as it pushes toward an ambitious $100bn target by 2029. With a sharp focus on asset-heavy sectors like energy and telecoms, the firm is re-engineering its entire model around automation. At a recent IFS connect UKI event, chief executive Mark Moffat [...]
Welfare reforms: What are the politics of Labour’s benefits changes? March 19, 2025 Over the past few weeks, it’s been hard to avoid reports of the government preparing the ground for a string of changes to the UK’s welfare system. Call it kite flying, pitch rolling, or testing the waters, when work and pensions secretary Liz Kendall got to her feet in the House of Commons on Tuesday, [...]
‘Productivity argument’ against family firm tax breaks, IFS director argues February 25, 2025 There is a “productivity argument” against treating family businesses “generously”, the Institute for Fiscal Studies (IFS) director has argued, when asked about inheritance tax. Economist Paul Johnson addressed the National Farmers Union (NFU) conference in Westminster on Tuesday, which saw environment secretary Steve Reed’s speech interrupted by farming protestors, as well as NFU president Tom [...]
IFS: UK must intervene to stop ‘ridiculous’ proliferation of small pension pots February 12, 2025 The government should clamp down on the “ridiculous” proliferation of small pension pots, a leading think tank has said. The growing number of these small-scale funds puts up costs for pension providers and makes it more difficult for savers to make sensible decisions, the Institute for Fiscal Studies (IFS) argued. “Further action is needed to [...]
Spending watchdog refuses to sign off on government accounts November 26, 2024 The spending watchdog has refused to sign off on the government's accounts for the first time due to unreliable data from England's local councils.
Autumn Budget 2024: Working people debate a ‘terrible illusion’, former Bank of England governor says October 27, 2024 Chancellor Rachel Reeves is set to increase taxes significantly in Wednesday's Budget, with reports indicating that she will raise £20bn by hiking employers' national insurance.