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The Latest Breaking News from IFS

Rishi Sunak considers cutting the U.K.’s ‘most unfair tax’

An overhaul to the existing inheritance tax regime might worsen wealth-based inequalities in the U.K, according to the Institute for Fiscal Studies.

Fortune

Wealthiest 1% would get average tax cut of £1m if inheritance tax scrapped

According to an IFS report, the cost of abolishing inheritance tax would be £7bn

The Independent UK

Scrapping inheritance tax would cost £15bn a year by 2032, says IFS

Thinktank carried out analysis as calls mount among Tory MPs for the tax to be abolished

The Guardian - UK

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Study finds free childcare reform has ‘little benefit’ to poorer families

The Institute for Fiscal Studies said the measures announced in the Budget fail to prioritise inequalities in children’s development.

The Independent UK

Gopal Baglay appointed as the next High Commissioner of India to Australia

Gopal Baglay, IFS, appointed as the next High Commissioner of India to Australia. Read further on Dynamite News

Dynamite News

Rishi Sunak does not commit to maintaining triple lock in next Tory manifesto

The state pension could rise by 8% next year in line with the increase in average wages.

The Independent UK

Triple lock could add £45bn a year to state pensions bill by 2050, IFS says

Maintaining guarantee will put ‘insurmountable pressure’ on government to increase retirement age, according to institute

The Guardian - UK

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Triple lock increases state-pension spending by £11bn a year – analysis

The Institute for Fiscal Studies said financial support to pensioners was greater as a result of the safeguard.

The Independent UK

UK social mobility at its worst in over 50 years, report finds

Institute for Fiscal Studies finds stark disparities in earnings based on geography and ethnicity

The Guardian - UK

‘Harder now than any point in last 50 years for poor to move up wealth ladder’

People who grew up on free school meals tend to earn thousands less than their peers by the time they reach their late 20s, the IFS said.

The Independent UK

Labour plans will boost investment but could squeeze money for new schools – IFS

The opposition has pledged to spend £28 billion a year on its Green Prosperity Plan, but this could leave little extra money for rebuilding schools.

The Independent UK

One in 11 workers in England could be NHS staff by 2036-37, study shows

Institute for Fiscal Studies estimates workforce expansion plan means NHS would employ 49% of all public sector staff

The Guardian - UK

Retired IAS,IPS, IFS officers seek action against IIMB faculty members for writing letter to corporate leaders

In a counter to a section of current and retired faculty members of the Indian Institute of Management-Bangalore (IIMB) asking corporate leaders to “de-fund the spread of misinformation and hate speech”, a group of 23 retired IAS, IPS, IFS, and Defence Services of Karnataka have written to Devi Prasad Shetty,…

The Hindu

UK faces stark choice of higher taxes or decline in public services, warns IFS

Even if taxes rises are chosen, system needs root-and-branch reforms as all main levies are flawed, finds study

The Guardian - UK

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The Guardian - UK

Scottish public spending deficit falls as oil revenues hit record high

Both sides of constitutional debate use Gers data to argue case for and against independence

Windows Central

Intel's purchase of Tower terminated, likely blocked by Chinese regulator

Despite the best efforts of CEO Pat Gelsinger, Intel was not able to secure regulatory approval for its $5.4 billion purchase of Tower Semiconductor. The deal has now been terminated by both sides.

Tom’s Hardware

China Delays Kill Intel's Tower Acquisition, Intel to Pay $353 Million Breakup Fee

Intel will not pursue acquisition of Tower Semiconductor following delay of Chinese review.

The Guardian - UK

Funding of public services in England skewed against poor areas, says IFS

Thinktank warns that government’s promises of levelling up are being undermined by system that is ‘not fit for purpose’

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The Independent UK

Poorer areas missing out because public funding system has broken down – study

The Institute for Fiscal Studies said the Government’s use of old data meant the allocation of funding often fell short.

The Hindu

63 IFS retired officers highlight violation of Forest Rights Act, write to PM Modi

Retired forest officers express "extreme concern" over irreversible damage to forests due to FRA-2006. Encroachments increased under garb of Act, regularised for political gains.

The Hindu

63 retired IFS officers from across India write to Centre on misuse of Forest Rights Act

A group of 63 retired IFS officers from different States have written letters to the top brass at the Centre, including the Prime Minister, Union Ministers of the MoEF&CC and Ministry of Tribal Affairs, expressing concern over the alleged misuse of the Forest Rights Act (FRA) 2006.

The Independent UK

Scotland has had ‘slower growth’ in employment and wages since 2014, report says

Scottish Liberal Democrat economy spokesperson Willie Rennie MSP said the SNP must get serious about ending ‘depressed economic performance’.

The Hindu

1,365 vacant posts in IAS, 703 in IPS: Government tells Rajya Sabha

There are 1,365 vacancies in the Indian Administrative Service (IAS) and 703 in the Indian Police Service (IPS), Union Minister of State for Personnel Jitendra Singh informed Rajya Sabha in a written reply on August 3, 2023

The Guardian - UK

Pandemic set back social and emotional growth of children in England, study finds

Half of youngsters from all economic backgrounds affected and especially those whose parents’ jobs were hit, says the Institute for Fiscal Studies

The Guardian - UK

Big pay rises for top earners in London have masked cuts in rest of UK, says IFS

Britain’s earnings gap is growing as business services, finance and IT workers prosper, thinktank finds

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