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IFS Slams Reeves' Budget as 'Fiscal Fiction' Ahead of Election

11/28/2025

Summary

Story summary

The Institute for Fiscal Studies calls Rachel Reeves' budget strategy "fiscal fiction" and warns that it is backloaded to coincide with the 2029 general election, with economists cautioning that parties are making unrealistic promises amid rising financial pressures.
Basic-rate taxpayers could see a £220 increase.
Higher-rate taxpayers could pay £600 more.
The Resolution Foundation labels the proposed savings "pre-election austerity."
The Treasury says the savings will come from efficiencies.

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Story summary

The Institute for Fiscal Studies calls Rachel Reeves' budget strategy "fiscal fiction" and warns that it is backloaded to coincide with the 2029 general election, with economists cautioning that parties are making unrealistic promises amid rising financial pressures.
Basic-rate taxpayers could see a £220 increase.
Higher-rate taxpayers could pay £600 more.
The Resolution Foundation labels the proposed savings "pre-election austerity."
The Treasury says the savings will come from efficiencies.