The IFS believes that Gordon Brown will have to increase taxes by £11bn to cover the gap between spending and income in the budget this year. It's going to be a tough call then as the General Election is widely anticipated only a few months later. To overcome this, I make several predictions, taxes will go up (following year of course so that voters don't see their paypackets shrinking so close to an election), allowances will rise with inflation or not at all. Spending will not be reduced so that key public services are harmed.
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