Budget 2020: Chancellor must raise taxes in first Budget, says IFS
The chancellor is understood to be facing pressure from Prime Minister Boris Johnson and his chief advisor Dominic Cummings to loosen spending constraints.
Taking into account the government's commitment to increasing investment spending, it added that even getting the current budget into balance would not be enough to bring down underlying debt over the course of the Parliament. It also said abolishing entrepreneurs' relief in capital gains tax and increasing council tax for those living in more expensive properties could form part of a"desirable package" of reforms.
He added:"They will allow him to increase investment spending, which will be welcome if well targeted. But they will not allow substantial increases in current spending, or tax cuts, to be funded by more borrowing.
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