Taxes will need to rise by £40bn per year by the mid-2020s if the government wants to keep spending constant and balance its books, a think tank warns.The Institute for Fiscal Studies added that dismal productivity, earnings and GDP growth had become the “new normal”.It comes after the chancellor unveiled upgraded growth and borrowing forecasts in the Spring Statement on Tuesday.Philip Hammond said the UK economy had reached a turning point and there was “light at the end of the tunnel”.
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Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.