Ahead of next week’s spending review, the IEA’s Economics Fellow Julian Jessop told The Telegraph that due to low borrowing costs, the Government should hold off on immediately tightening the finances.

Julian said: “It is not as if markets are screaming out to raise taxes – the Government can borrow at 0.3pc from the private sector and even less than that from the Bank of England. I do not see any good arguments for raising taxes right now.”

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