Chancellor Rachel Reeves will need to come up with £16 billion more to meet the government’s pre-election promises, according to calculations from think tank the Institute for Fiscal Studies (IFS). The warning comes ahead of the October 30 Budget, where the Chancellor will set out the government’s planned spending and revenue gathering for the future. Labour promised no return to “austerity” for public services and a boost to government investment to kickstart growth. But, to honour those commitments the chancellor will need to come up with £16bn more on top of £9bn tax rises set out in Labour…
