Britain faces another tax hike due to a £4billion black hole in Rishi Sunak's Budget spending plans, an influential think tank warned today. The Institute for Fiscal Studies said the shortfall for the 2022−23 financial year went 'entirely unmentioned' in the Chancellor's speech to the Commons on March 3. The IFS said there was a possibility Mr Sunak could be 'lowballing' government departments for future negotiations over their budgets. But the IFS analysis found that Mr Sunak's plans for spending on central and local government departments appear tighter than previously thought. But the IFS says this figure would actually be 3.1%Departments including the Ministry of Defence, the NHS and schools in England already have agreed spending plans, so are protected.

Source: Daily Mail March 18, 2021 14:01 UTC