Posted 9/29/2023, 12:14:36 AM
UK on Track for Highest Tax Levels Since 1940s, Analysis Shows
- UK government on track for record tax levels not seen since 1940s, according to Institute for Fiscal Studies analysis
- IFS forecasts taxes will be 37% of national income by 2024 general election
- Government currently raising more tax revenue as percentage of national income than any time since 1940s
- Recent tax rises include increases to corporation tax and energy company profits levy
- Some Conservative MPs pushing Chancellor to cut taxes in upcoming autumn statement
- But Chancellor said last week tax cuts 'virtually impossible'
- IFS says tax rises reflect increased government spending on health, unwinding of austerity
- IFS says UK tax levels 'fairly middling' compared to other developed countries
- Liz Truss launched Conservative Growth Group pushing for tax cuts and free market policies