*The Institute for Fiscal Studies (IFS) published report indicates the United Kingdom households will be facing an average tax rise of 拢3,500 a year by 2024, as the biggest increase over a Parliament on records, dating back over 70 years

Isola Moses | 绿帽献妻

The United Kingdom聽 (UK) Government is currently raising more in tax revenue, as a percentage of national income, than at any time since the 1940s, according to a report published Friday, September 29, 2023.

绿帽献妻 learnt the European country’s Institute for Fiscal Studies (IFS) said that UK households are facing an average tax rise of 拢3,500 a year by the next election, the biggest increase over a Parliament on records dating back over 70 years.

The IFS is an economic research institute based in London, UK, which specialises in taxation and public policy in the country.

The Institute said that on current forecasts, the Conservatives were on track to raise 拢100 billion more annually by 2024 than if taxes as a share of national income had stayed the same as in 2019.

The IFS also reported at the time of the last General Elections, UK tax revenues amounted to around 33 percent of national income.

However, the Institute noted by the time of the next election 2024, on current forecasts, taxes would amount to about 37 percent of national income 鈥� a level not sustained in the post-war period, report said.

According to IFS, though the UK Government may decide to announce tax cuts in the run-up to the next election, yet 鈥渢here is no world in which this Parliament 鈥� or indeed, the period since Rishi Sunak became Prime Minister 鈥� turns out to be anything other than a tax-raising one.鈥�

It further stated: “In fact, it is currently on track to be the biggest tax-increasing Parliament since comparable records began.”

The IFS as well attributed the development largely to “a raft of tax-raising measures announced over the past few years.”

The report highlighted the big increase in the main rate of corporation tax from 19 percent to 25 percent, the energy profits levy, and freezes to various income tax and National Insurance thresholds.