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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