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.
In analysis that is likely to stoke fresh Tory infighting, the IFS said no parliament had presided over a bigger increase in taxes than the current one – led by three Conservative prime ministers – on records dating back to 1951.
Under Keir Starmer, Labour has seized on rising tax levels as evidence of the Tories’ failure to grow the economy, arguing the government is in a bind of its own making, as sluggish economic growth brings in less income for the exchequer to fund public services.
In separate research published on Friday, a report from the Resolution Foundation thinktank and the innovation charity Nesta’s UK 2040 Options programme warned stark wealth inequalities were holding Britain back.
Ben Zaranko, a senior research economist at IFS, said that while high by historical standards, the UK’s tax take as a share of national income was still “fairly middling” compared with other developed countries.
A spokesperson for the Treasury said that “despite needing to take the difficult decisions to restore public finances” after the Covid pandemic and Russia’s invasion of Ukraine, the UK’s ratio of tax to gross domestic product would still remain lower than any major European economy.
The original article contains 810 words, the summary contains 239 words. Saved 70%. I’m a bot and I’m open source!
This is the best summary I could come up with:
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.
In analysis that is likely to stoke fresh Tory infighting, the IFS said no parliament had presided over a bigger increase in taxes than the current one – led by three Conservative prime ministers – on records dating back to 1951.
Under Keir Starmer, Labour has seized on rising tax levels as evidence of the Tories’ failure to grow the economy, arguing the government is in a bind of its own making, as sluggish economic growth brings in less income for the exchequer to fund public services.
In separate research published on Friday, a report from the Resolution Foundation thinktank and the innovation charity Nesta’s UK 2040 Options programme warned stark wealth inequalities were holding Britain back.
Ben Zaranko, a senior research economist at IFS, said that while high by historical standards, the UK’s tax take as a share of national income was still “fairly middling” compared with other developed countries.
A spokesperson for the Treasury said that “despite needing to take the difficult decisions to restore public finances” after the Covid pandemic and Russia’s invasion of Ukraine, the UK’s ratio of tax to gross domestic product would still remain lower than any major European economy.
The original article contains 810 words, the summary contains 239 words. Saved 70%. I’m a bot and I’m open source!