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The Independent UK
The Independent UK
Archie Mitchell

Top economist urges Reeves to raise basic rate of income tax for first time in 50 years

Donald Trump Paul Johnson Rachel Reeves Income Tax Ms Reeves Institute for Fiscal Studies Budget Denis Healey Economy IFS

One of Britain’s top economists has urged Rachel Reeves to hike the basic rate of income tax for the first time since 1975 in response to Donald Trump’s global trade war.

Paul Johnson, director of the influential Institute for Fiscal Studies (IFS), has warned the chancellor’s “iron-clad” fiscal rules mean she will face economically damaging choices ahead of her Budget this autumn.

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