Labour will have to raise taxes - papers 14th April

According to the paper, the IMF says Chancellor Gordon Brown would need to raise taxes or cut spending by £12 billion to meet his strict budget rules after the election. The Times says the IMF’s assessment that heavy borrowing leaves the Chancellor at risk of breaching his self-imposed “golden rule” was immediately seized on by the Conservatives. After Blair ruled out higher income tax, Shadow Chancellor, Oliver Letwin, demanded the Prime Minister “come clean” and say which taxes would rise. The £12 billion that the IMF says Brown needs to find is the equivalent of about 3.5p on the b...