After eight years of Conservative government and supposed austerity, the tax burden this year is at a 49-year high, at 34% of GDP, with total government revenues this year at a 32-year high, at 37% of GDP. The 3% gap being the deficit. The government is spending a whopping £30,000 per household.
The state is growing, even inflation adjusted spending has doubled in the last half-century, with the curve going up steeply when Gordon Brown was splurging on welfare spending in the late 90s.
The financial crisis in 2008 saw expenditure sky rocket. The UK can only become a high growth economy if it is a low tax economy. If the tax take goes any higher, investment will go elsewhere…
Download the TPA report: Tax Burden