The Latest Breaking News from IFS

Why Liz Truss' pledge not to cut public spending is not all that it seems

Critics believe the Prime Minister has three options: U-turn and cut spending, U-turn on tax cuts, or keep going and drive the economy off a cliff. Some of the answers may lie in the detail

Daily Mirror · Oct 12, 2022

No return to austerity under Liz Truss despite budget shortfalls, says Downing Street

The Prime Minister also remained ‘committed’ to the growth measures set out in the Chancellor’s mini-budget, her official spokesman said

Evening Standard · Oct 11, 2022

Bank of England expands push to stabilize financial markets

The Bank of England has expanded its emergency effort to stabilize the financial markets amid concerns the government’s plan to slash taxes pose a “material risk” to Britain's fiscal stability

The Independent UK · Oct 11, 2022

Thérèse Coffey says nurses won’t get higher pay offer as strike vote looms

Health secretary says there is limited scope for negotiation on 3% offer and she is ‘not anticipating further changes’

The Guardian - UK · Oct 11, 2022

NHS won’t get ‘single penny less’ despite health and care levy repeal, says Treasury minister – as it happened

Latest updates: minister tells MPs health service budget will remain unchanged

The Guardian - UK · Oct 11, 2022

Inside Politics: ‘Material risk to UK financial stability’

IFS issues warning to chancellor on tax and spend plans as BoE steps in again to calm market turoil caused by chancellor’s ‘mini-Budget’, writes Matt Mathers

The Independent UK · Oct 11, 2022

Bank of England forced to boost bond-buying scheme amid market turmoil

‘Material risk to UK financial stability’, warns central bank

The Independent UK · Oct 11, 2022

IMF steps up criticism of mini-budget after ‘disorderly’ rise in borrowing costs – as it happened

International Monday Fund says a ‘change in fiscal policy’ would help calm bond markets…on day that Bank of England steps up its bond-buying support

The Guardian - UK · Oct 11, 2022

Chancellor’s tax giveaways mean ‘painful’ £60bn spending cuts, IFS warns

The government must slash spending by £60bn and risk political turmoil to get debt under control unless it abandons plans for lower taxes, a leading economic think tank has warned

The Independent UK · Oct 10, 2022

Unfunded tax cuts mean UK ‘will need £60bn spending cuts’

IFS says Kwasi Kwarteng’s mini-budget will leave ministers making serious reductions in public services

The Guardian - UK · Oct 10, 2022