Taxes 'must rise' £45bn annually to meet Budget target - papers

The Daily Telegraph reports, the Institute for Fiscal Studies (IFS) said that in total the Government would have to raise £90bn a year to fill the black hole created by the recession, but only half of that was accounted for in Wednesday's Budget - 10pc through tax rises and 40pc in spending cuts . "The Treasury forecasts now imply that the crisis has dealt a permanent hit to the Exchequer costing around 6.5pc of national income or £90bn a year in today's money," said Robert Chote, director of IFS. That would mean an additional £2,840 in tax rises or spending cuts for every family in Bri...