More from IFS
Understand this issue

Is the Chancellor’s spending plan credible?
Higher inflation, rising borrowing and potential spending cuts: what will the Chancellor’s first Budget mean for the economy and households today?
15 October 2026

The tax and spending choices facing Andy Burnham
Andy Burnham faces difficult choices over tax, borrowing and public spending. How much room will the new Prime Minister have to act?
16 July 2026

The tough fiscal reality facing the UK government
Britain faces high debt, high borrowing costs, rising taxes and stretched public services. We explain the fiscal reality facing any government.
28 May 2026
Policy analysis

The direct fiscal effects of quantitative easing and tightening
HM Treasury is covering losses as the Bank of England unwinds QE. Recent economic and policy changes affect the scale of losses in the near term.
12 October 2026

Public service spending: plans and pressures
Departmental spending growth is slowing amid pressures on budgets and new spending ambitions. We assess the Chancellor’s choices at this Budget.
12 October 2026

The outlook for the public finances
Higher inflation, higher government borrowing costs and pressures on public services will be the key challenges faced by the Chancellor at the Budget.
12 October 2026
Academic research

Tax Modelling and Distribution
This chapter provides a review of the literature on the distributional, poverty, and inequality impacts of taxation and public spending in Africa.
16 October 2026

Quality of year-end spending and risk–return trade-off
This paper examines how the quality of government spending changes at the end of the fiscal year.
5 October 2026

Long-run trends in corporate investment and leverage in the UK: A decomposition
Since the 2008, the UK has experienced persistently weak productivity and corporate investment alongside a sustained decline in corporate leverage.
1 October 2026