Facts and figures about UK taxes, benefits and public spending.
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Analysing government fiscal forecasts and tax and spending.
Analysis of the fiscal choices an independent Scotland would face.
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Reforming the tax system for the 21st century.
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In next week’s Autumn Statement the Chancellor may have to abandon one of his fiscal targets – that debt should be falling in 2015–16. He may also need to announce yet more spending cuts or tax increases for the next parliament in order to continue to meet his other fiscal target. This is the headline conclusion of a new report published today by researchers at the Institute for Fiscal Studies. The analysis adjusts the Office for Budget Responsibility’s (OBR’s) March 2012 forecasts for the economy and the public finances in the light of new developments over the last few months. It takes account of the now weaker outlook for the UK economy (as implied by independent forecasters) and the disappointing trend in tax revenues seen over the last seven months.
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Recent IFS Press Releases
Independent Scotland would face tougher long-run fiscal challenge than the UK as a whole
An independent Scotland would require a significant cut in spending or increase in taxes, over and above that already announced by the UK government, in order to put their long-term public finances onto a sustainable footing.
Since 2008 food spending fails to keep pace with rising food prices and nutritional quality of calories falls / Long term decline in calorie purchases despite increase in calories from eating out, snacks and soft drinks
These are the key headlines from two new pieces of research published by the Institute for Fiscal Studies and due to be presented today as part of the ESRC Festival of Social Science.