income tax

Reeves may need to raise £25bn in taxes to sustain spending

Rachel Reeves may need to raise £25 billion through taxes to maintain public spending growth in line with national income, economists warn. The Institute for Fiscal Studies (IFS) highlighted that altering the Conservative debt rule inherited by the Chancellor, which mandates debt to decrease as a share of national income within five years, would barely alleviate public-service funding pressures. Instead,…