UK on track for record tax levels, IFS think tank says
BBC Business says The government is on course to oversee the biggest tax-raising Parliament since records began, according to the Institute for Fiscal Studies’ analysis.
The IFS forecasts taxes will amount to about 37% of national income by the next general election, due in 2024.
That would be a level not seen since 1948, just after World War Two.
Responding to the report, a Treasury spokesperson said the “most effective tax cut we can deliver” is to “drive down inflation”.
Treasury minister Andrew Griffith added that inflation was a priority but refused to rule out further tax rises, when asked by Times Radio on Friday morning.
“We believe that you need a strong economy, you need to build that on stable foundations which is why bearing down on inflation is so important, that’s been the priority the prime minister has set,” he said.