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The Independent UK
The Independent UK
Athena Stavrou,David Maddox,Kate Devlin and Millie Cooke

Budget 2025 live: IFS warn Rachel Reeves she is ‘disincentivising growth’ after Starmer defends tax rises

The Institute for Fiscal Studies (IFS) has told Rachel Reeves she must “step back” and stop “disincentivise” growth, as the prime minister defends the chancellor’s tax hikes in her Budget.

The Institute for Fiscal Studies (IFS) accused Rachel Reeves of breaching Labour’s manifesto after she hiked taxes by £26bn in her Budget, taking the tax burden to an all-time high.

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