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Tax rises threat as ministers face £20bn black hole in public finances
Evening Standard
|July 26, 2024
BRITAIN could be hit with new tax rises in an autumn Budget as the new Government faces up to the reality of the nation's dire public finances, leading economists warned today.
Chancellor Rachel Reeves is set to reveal details on Monday of an audit of the UK's public finances which could tell of a black hole of some £20 billion between revenues and funding commitments, including in areas such as asylum and public sector pay.
Before the July 4 election, the Institute for Fiscal Studies (IFS) accused the political parties of a "conspiracy of silence" over the state of the public finances and difficult choices ahead.
"Now they are reckoning with reality.
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