IFS warns of Labour and Tory ‘conspiracy of silence’ over future tax and spending plans

Toughest outlook for public finances for 80 years means next government must find tens of billions in cuts or tax rises, says leading thinktank

Jeremy Hunt and Rachel Reeves are joined in a “conspiracy of silence” over tens of billions of pounds in tough tax and spending choices, with the next government likely to inherit the toughest outlook for the public finances in 80 years, Britain’s leading economics thinktank has warned.

The Institute for Fiscal Studies said the chancellor’s budget on Wednesday had laid the ground for “staggeringly hard choices” due after the general election for whichever party forms the next government.