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This will be the biggest tax-raising parliament on record | Institute for Fiscal Studies
This has been the biggest tax-raising parliament since records began, pushing UK tax revenues to historically high levels.
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UK households face tax rise of £3,500 a year by next election, finds IFS
Thinktank says Tories have overseen the biggest increase in taxes during a parliament since records began in 1951
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.
In a damaging report for Rishi Sunak as the Tory party faces growing internal divisions over the issue, the thinktank said tax revenue was on track to amount to about 37% of national income in 2024, up from about 33% four years ago.
Compared with a world in which that shift had not occurred, the IFS said this amounted to an additional £100bn a year for the exchequer – the equivalent to about £3,500 more per household, although some would pay more and others less.