Happy cost of government day! Yes today’s the day, after seven and a half months of hard graft on behalf of the Treasury, the state finally stops consuming all the money you will earn. This year’s date of August 15th is the latest Cost of Government Day* on record, meaning the state has cost more this year than in any previous year – even during the pandemic. Workers will see over 60% of their 2023 income paid to the state…
Cost of government celebrations come courtesy of research from the Adam Smith Institute. Their research director, Maxwell Marlow, said:
“This is an unsustainable situation, especially as poor private sector investment continues to cripple the long-run health of the economy… We need urgent fiscal reform. Taxes must be cut, regulations must be slashed, and we must free-up our sclerotic planning system to allow for growth and extensive housebuilding to give young people a fairer chance.”
If only we had a government willing to make supply-side reforms…
*Tax Freedom Day fell on June 18th with taxpayers forking out over £901.8 billion to the Treasury this year, 46.25% of net national income. Cost of Government Day, which factors in borrowing as well taxes, is today.
