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News, reports and events from the Institute for Fiscal Studies (IFS), the leading independent research institute on economics and public policy
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IFS 6m
Replying to @TheIFS
The UK taxes the incomes of median earners relatively lightly. Someone who earns 10 times the mean income in the UK has an average rate 23 percentage points higher than the median earner – a bigger gap than in most higher-tax countries. Read more:
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IFS 6m
Replying to @TheIFS
The UK is more similar in its rates on high-income earners. Someone earning 10 times the UK average – about £344,000 – faces an average tax rate of 51%. If we had the Belgian tax system, this would be 67% - adding up to an extra £91,000 in tax.
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IFS 6m
Replying to @TheIFS
The UK has lower average rates on middle and high-income earners. An employee on median income – about £28,000 – faces an average tax rate (accounting for income tax and all NICs) of 28%. If we had the Belgian tax system, this would rise to 49%.
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IFS 6m
Replying to @TheIFS
Income tax and National Insurance contributions together bring in 45% of total UK revenue. But we raise much less revenue from these two taxes than their equivalents in other developed countries.
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IFS 6m
UK revenues as a share of national income are high by historical standards, but lower than in many other developed countries. So how do other countries raise more in tax than the UK? 📏 Our new research explores what makes the UK stand out:
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IFS 15h
The have said a no-deal could blow a £30 billion hole in the public finances, in today's report. What does that mean for the Conservative leadership candidates' tax and spending pledges?
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IFS Jul 17
The rose again this month, to 65 and 5 months. This also means that some with low incomes must wait longer to receive Pension Credit – a means-tested benefit that aims to provide pensioners with a ‘minimum income’. Find out more:
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IFS Jul 17
We’re delighted to have won in the economics category at ’s Think Tank Awards in our 50th year. Congratulations to all winners and nominees!
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IFS Jul 17
Congratulations to Professor Sir Angus Deaton, named one of the world's top thinkers by alongside Professor Anne Case. 🔭 He's chairing our ambitious and wide-ranging review of inequalities, funded by . Find out more:
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IFS Jul 17
Today pledges to end in-work during Labour’s first term in office. The in-work relative poverty rate in Britain has risen from 13% to 18% over the last 25 years. But our researchers find this isn't just about low pay. Read more:
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IFS Jul 16
New research is out today on in the UK. After 5 years of reasonable post-recession income growth, the latest data show median income growth stalled in 2017–18, for only the 4th time in the last 30 years. Our recent research:
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IFS Jul 16
The pound has fallen to its lowest level against the US dollar in over two years, as fears of a no-deal spread through financial markets. 🔍 So does a falling currency help or harm the economy? finds out in this BBC podcast.
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IFS Jul 15
", long associated with being out of work and with old age, is now mostly a phenomenon experienced by people who are actually in work or who are living in a household where someone is in work." What's driving in-work poverty? asks
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IFS Jul 15
Tonight the candidates meet for their last debate. Both are promising billions of tax cuts and extra spending. "Strange isn’t it?" comments , after almost ten years of austerity. So what can we actually afford?
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IFS Jul 14
A new report credibly argues councils shouldn’t need referendums to increase council tax more than 3%. Our work shows that even with bigger increases, rising social care costs wouldn't be met. Additional local or national funding is needed unless we accept further service cuts.
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IFS Jul 13
New stats for England are due next week from . We find spending on Housing Benefit has grown rapidly in recent years, due to a fall in cheaper council housing and a big increase in relatively costly private renting. Learn more:
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IFS Jul 12
Holidaymakers may be worried by the falling pound - it's expected to rack up a tenth consecutive week of losses against the euro today. So have big changes in the value of sterling since 2016 made us poorer or richer overall?
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IFS Jul 11
After years of austerity, the contenders are pledging billions of tax cuts and extra spending. Labour’s last manifesto promises even more. "Strange isn’t it?" writes . So how much can Britain really afford to spend?
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IFS Jul 11
The earliest years can shape a child’s life chances. Recent evidence suggests inequalities in child development and health are evident by age 2 or 3. So could a home-visiting programme help tackle in children's school readiness? Read more:
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IFS Jul 10
New figures expected today show that 39.5% of all 18-year-olds in England have submitted a UCAS application. But what about those who don't? explores the difficult choices these young people face.
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