The chancellor will need to raise an extra £40bn a year in taxes in the aftermath of Covid-19.
The Institute for Fiscal Studies said the tax hikes were “inevitable” and rebuked Rishi Sunak for pledging to “balance the books”.
In its Green Budget, to be published today, the IFS says: “This will not happen and [it] would be most unwise to try.”
It expects government borrowing to reach £350bn this year, up from the £55bn forecast in the March budget.
