Rachel Reeves is expected to bring in a massive £35billion a year extra for the Treasury - one of the biggest ever raids at a fiscal event.
Labour could push Britain towards a Scandinavian-style tax burden with Rachel Reeves ' bumper Budget tomorrow.
Labour could push Britain towards a Scandinavian-style tax burden when Rachel Reeves presents a bumper Budget tomorrow Official figures suggest it would be the most tax raised at a Budget since 1993, in the aftermath of the Black Wednesday Sterling crisis. On the OECD's measure of tax, which is slightly lower than the ONS, the UK's tax burden was 33.5 per cent of GDP in 2021. That put the country below the G7 average.
A major increase to employers' national insurance contributions looks set to be the centrepiece of the big post-election package.The Labour election manifesto used the term 'working people' as it laid out who would be protected from increases.Education Secretary Bridget Phillipson struggled yesterday on whether small business owners making just £13,000 a year were 'working people'.
'And that's before we even get to the long-term challenges ignored for 14 years: an economy riddled with weakness on productivity and investment, a state that needs urgent modernisation to face down the challenge of a volatile world.'
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