Hammond 'would need £19bn a year to meet May's end of cuts vow'

Aim unlikely to be compatible with balancing the books, says IFS in pre-budget view

Philip Hammond will need 19bn from higher taxes, extra borrowing or faster-than-expected growth if this month's budget is to fulfil the prime minister's promises to end austerity and boost NHS spending, according to the UK's leading experts on the public finances.

The Institute for Fiscal Studies said the pledge by Theresa May at this year's Conservative party conference to end eight years of cuts was "unlikely" to be compatible with the chancellor's aim of balancing the nation's books unless some tough decisions were made.