Reeves speech - economic challenges won't be fixed through small tweaks, says New Economics Foundation

The New Economics Foundation (NEF) has reacted to the chancellor's autumn budget, warning that revenue from tax rises will largely not improve living standards or public services.

Danny Sriskandarajah, chief executive at NEF, said:

"The chancellor's budget will raise tens of billions in taxes – but apart from a few bright spots like ending the two-child limit, she is so in hock to our broken fiscal framework that most of this will just be used to double the government's headroom. People are struggling to pay for their groceries, rent and energy bills. If we're going to ask them to pay more tax, then that money needs to be spent on tackling the high cost of living and rescuing our struggling public services.

"Decent public services aren't a reward for the economy doing well – they're the bedrock on which the health of the economy depends. Waiting years for a hospital referral, being educated in a crumbling school or living in a cold, damp home - these all create drags on our economy. The chancellor should have recognised this by asking the wealthiest among us to pay what they owe towards our public services, starting with raising capital gains tax to the same rate as income tax."