Huge UK Tax Rises Needed By Mid 20’s

Taxes will need to rise by £40bn per year by the mid-2020s if the government wants to keep spending constant and balance its books, a think tank warns.The Institute for Fiscal Studies added that dismal productivity, earnings and GDP growth had become the “new normal”.It comes after the chancellor unveiled upgraded growth and borrowing forecasts in the Spring Statement on Tuesday.Philip Hammond said the UK economy had reached a turning point and there was “light at the end of the tunnel”.

Source: Tax rises of £40bn ‘needed by mid-2020s’ to cut deficit – BBC News

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam