Labour needs 25bn a year in tax rises to rebuild public services, warns IFS

In its preview of the first Labour budget in 14 years, the Institute for Fiscal Studies stated that raising taxes to meet Labour's public service goals is essential. With significant commitments not to increase main tax rates, Reeves faces a daunting challenge.

Starmer emphasized the importance of sticking to Labour's manifesto promises regarding tax increases on working individuals. This commitment complicates Reeves' ability to find the necessary 25 billion in tax increases for Labour's ambitious spending plans.

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