The IFS backs Philip Hammond in National Insurance row

Philip Hammond is under pressure over his National Insurance contributions hike. More than a dozen Tory MPs have so far criticised the plans and Downing Street has refused to rule out a rethink. But the Chancellor does still have some allies; the IFS has just thrown its weight behind the plans. Here’s what its director, Paul Johnson, had to say:

‘Spring Budgets seem to be going out with something of a whimper. Yesterday’s was one of the smallest I can remember in pretty much every dimension – number of policies, scale of policies and size of fiscal impact. I’m not complaining, mind. There will be another Budget in November and the whole point of moving to a single fiscal event a year was to avoid the temptation to do too much fiddling. I presume that bigger changes will come later this year. We will see. I also rather like the promised consultations. That we are to get a consultation on business rates rather than diving in to change immediately is a good thing.