Chancellor may have to reconsider pledge not to raise taxes in light of ‘risky and changing world’, thinktank says

Pensioners and wealthy people could be the target of tax increases at Rachel Reeves’s autumn budget if the drastically worsening economic backdrop fails to improve, the Institute for Fiscal Studies (IFS) has said.

After the chancellor’s spring statement featured deep cuts to welfare to meet her fiscal targets, the UK’s leading experts on the public finances said Reeves could be forced to come back later this year with tax rises.

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