Tinkering around edges' at budget risks another year of economic pain, IFS warns

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"Tinkering around the edges at the next Budget risks another year of economic pain, a leading think tank has warned, urging the chancellor to take bold action in November. The Institute for Fiscal Studies (IFS) said it expects Rachel Reeves will need to find at least 22bn next month, thanks to rising borrowing costs, weaker growth forecasts and spending commitments made since spring."

The Independent funds on-the-ground reporting across issues such as reproductive rights, climate change and Big Tech and refuses to use paywalls, relying on donations to support journalism. Donations enable reporters to interview diverse perspectives and produce documentaries highlighting pressing social issues. The Institute for Fiscal Studies warns that the next Budget risks another year of economic pain unless the chancellor takes bold action. The IFS estimates Rachel Reeves will need to find at least £22bn due to rising borrowing costs, weaker growth forecasts and recent spending commitments. The IFS considers a £10bn buffer inadequate and says funding will likely require tax rises, while spending cuts face political and timing challenges.

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