Chancellor Rishi Sunak has been defending his crucial post-coronavirus Budget package unveiled yesterday IFS says that Mr Sunak's spending plans are 'implausible' he will probably need to raise taxes to balance books The massive furlough scheme will be extended again to the end of September along with other bailouts Income tax thresholds are being frozen until 2026 and corporation tax will rise to 25 per cent from 2023 The government's total spending on response set to reach an 'unimaginable' £407billion by end of next year Mr Sunak said the income tax move was 'progressive' and the 'right thing to do' and rates are still 'generous'