ONS set to weigh up cost to public purse of British Steel rescue April 29, 2025 The UK’s official statistics body has begun an assessment of the cost of running British Steel since the loss-making business was rescued by the government, City AM can reveal, in what could prove to be another blow to Chancellor Rachel Reeves’ fiscal targets. The UK’s top statistician Professor Sir Ian Diamond said the Office for [...]
Londoners earn the most but spend very little, IFS finds April 11, 2025 Londoners top the ranking for income per head across the UK, yet spend very little after housing costs are taken into account, according to research by leading think tanks. A new report by the Institute for Fiscal Studies (IFS) and Economic Statistics Centre of Excellence (ESCoE) signals that high housing costs in the capital city [...]
IFS boss: We’re screwed with or without trade deals April 7, 2025 The director of the Institute for Fiscal Studies (IFS) has suggested the UK could be heading for a recession as a trade deal may not be enough to revive crumbling markets or prevent a slump in economic growth. Paul Johnson, who is set to leave the leading economics think tank in the summer, told Times [...]
IFS director: Tariffs risk undermining ‘best case’ OBR forecasts April 1, 2025 Institute for Fiscal Studies (IFS) director Paul Johnson has raised questions about whether the Office for Budget Responsibility (OBR)’s forecasts would remain credible should President Trump slap tariffs on UK goods on Wednesday. The OBR’s report included modelling by the International Monetary Fund (IMF) published in January. The IMF’s analysis did not consider the potential [...]
Rachel Reeves has already lost half of her £9.9bn headroom March 28, 2025 Chancellor Rachel Reeves has had £5bn wiped off her headroom less than 48 hours after she delivered her Spring Statement, a calculation by Bloomberg Economics has suggested. Chancellor Reeves has received several warnings from leading economists at the Office for Budget Responsibility (OBR) and the Institute for Fiscal Studies (IFS) that her headroom risks getting [...]
Reeves ‘lost gamble’ and is likely to raise taxes, IFS claims March 27, 2025 Chancellor Rachel Reeves is “likely” to raise taxes at this year’s Autumn Budget, Institute for Fiscal Studies (IFS) director Paul Johnson has warned, as he claimed an extension to income tax thresholds would make for the “easiest political win”. Reeves’ announced her £40bn tax raid at the last Autumn Budget in October. The bulk of [...]
Should I consolidate my pension pots? March 19, 2025 The UK is reckoning with a proliferation of small pension pots, which is increasing costs for providers and making retirement planning challenging for savers. The cheapest Self-Invested Personal Pension (SIPP) providers According to research from the Institute of Fiscal Studies, in 2024 there were 12.1m defined contribution (DC) pension pots which held less than £1,000 [...]
Reeves told to scrap ‘jobs tax’ after headline figures questioned March 12, 2025 A fresh row has erupted just weeks before Rachel Reeves‘ national insurance tax hike comes into effect after the Treasury’s headline figures were scrutinized. When announcing her 1.2 per cent hike to employers’ national insurance contributions (NIC) at the Autumn Budget, Reeves said it would raise “£25bn per year by the end of the forecast period.” [...]
‘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 [...]
Reeves playing ‘same silly games’ as her predecessors, IFS says October 31, 2024 The Chancellor Rachel Reeves has been accused of playing the “same silly games” as her predecessors after forecasting that public spending will tail off towards the end of this parliament following a short-term spike.