IFS warns UK budget risks being 'work of fiction' without plan for £35bn spending gap

The Institute for Fiscal Studies warns that the UK chancellor's upcoming budget lacks a credible plan to address £35bn in spending pressures, exacerbated by higher inflation and Middle East conflict rattling public finances. The IFS urges immediate decisions to avoid deep real-terms cuts by decade's end. This raises uncertainty over UK fiscal policy and potential tax or spending adjustments.