Thinktank says Tories have overseen the biggest increase in taxes during a parliament since records began in 1951

UK households are facing an average tax rise of £3,500 a year by the next election, the country’s leading economics thinktank has said – the biggest increase over a parliament on records dating back more than 70 years.

The Institute for Fiscal Studies (IFS) said that on current forecasts the Conservatives were on track to raise £100bn more annually by 2024 than if taxes as a share of national income had stayed the same as in 2019.