A "dark cloud" hangs over the election campaign finances, according to the IFS.

Quick Summary:

A leading think tank warns more tax rises or cuts to public services could lie ahead.

Taxes are also on track to absorb a larger share of the nation’s income, up from 36.5% in the current tax year to 37.1% in 2028–29, in particular as the thresholds at which different rates of taxes on income apply are frozen, instead of rising with inflation as they have traditionally done.

But the independent IFS claims that high interest payments on existing debt and low expected economic growth could make reducing future debt more difficult to achieve, whoever is in government, than in any Parliament since at least the 1950s, without further measures.

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Article Details

Category: Business

Markets: United Kingdom

Topics: Election Debt Parties Growth Income Open Services Government Coming Public

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-05-24 @ 23:50:14 (1 months ago)

News Timezone: GMT +0:00

News Source URL: bbc.com

Language: English

Article Length: 614 words

Reading Time: 4 minutes read

Sentences: 19 lines

Sentence Length: 33 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © BBC Business

News ID: 21077725

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Official Website: bbc.co.uk

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