UK households face tax rise of £3,500 a year by next election, finds IFS

Thinktank says Tories have overseen the biggest increase in taxes during a parliament since records began in 1951

UK households are facing an average tax rise of 3,500 a year by the next election, the country's leading economics thinktank has said - the biggest increase over a parliament on records dating back more than 70 years.

The Institute for Fiscal Studies (IFS) said that on current forecasts the Conservatives were on track to raise 100bn more annually by 2024 than if taxes as a share of national income had stayed the same as in 2019.