Britain Approaching High Levels of Taxation According to IMF and OBR Forecasts
Britain is on track for some of the fastest tax increases in the world under Chancellor Rachel Reeves' policies, with government revenues projected to reach 42.1% of GDP by the start of the next decade. The Office for Budget Responsibility (OBR) forecasts the overall tax burden to rise from 32% of GDP in 2010 to 38.5% by 2031, with the IMF's broader measure expected to exceed 40% of GDP for the first time since World War II. Concerns are growing that these tax increases may be approaching a limit with potential adverse effects on economic growth.
Topics: economic growth government revenue IMF forecasts Labour Party tax policy