Labour would raise taxes rather than cut spending if growth is weak, says IFS

The IFS said said neither main party’s manifesto recognised the pressure on public finances. Photograph: Ascannio/Alamy

A Labour government would raise taxes or soften debt rules rather than cut spending in the event that stronger growth fails to rescue it from tough post-election choices, the head of a leading thinktank has said.

Paul Johnson, the director of the Institute for Fiscal Studies, said the pressures on spending – including from public sector pay – were so powerful that he couldn’t envisage a Labour chancellor making cuts to balance the books.