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Chancellor may need raise taxes by £25bn, IFS warns

  • The Chancellor may need to raise taxes by £25bn to maintain spending in line with national income, as stated by the Institute for Fiscal Studies .
  • The IFS noted that even with Labour's proposed £9bn tax increases, public service budgets would remain precarious.
  • Current tax pledges prohibit raising key rates, leaving the budget highly sensitive to judgments from the OBR.
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