Reeves faces Budget 'groundhog day' - IFS

RACHEL Reeves needs to be “bold” when she delivers her Budget or face “groundhog day” with more cuts or tax rises next year, a think tank has warned.

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Chancellor Rachel Reeves

The Institute for Fiscal Studies (IFS) said it expected the Chancellor would need to find at least £22bn next month, thanks to rising borrowing costs, weaker growth forecasts and spending commitments made since the spring.

That figure would restore the £10bn of headroom Ms Reeves previously left herself against her self-imposed debt rules, although it does not include the cost of widely expected announcements on abolishing the two-child benefit cap and maintaining the freeze on fuel duty.