Chancellor needs to find an extra £33bn a year to end austerity, says IFS

Tax and spending watchdog warns that Treasury might need to return to its spending squeeze in aftermath of Brexit

Philip Hammond would need to spend an extra 33bn a year to "end austerity" according to a leading tax and spending watchdog.

The Institute for Fiscal Studies (IFS) said the chancellor could use his autumn budget to reverse major cuts scheduled to hit public spending and still keep the government's spending deficit at 2.4% of GDP by 2021.