Get ready for austerity part two: Economists warn the UK should brace itself for public spending cuts on the scale of George Osborne's measures following Jeremy Hunt's Autumn Statement
The taxman is set to rake in £1 trillion next year for the first time as household budgets are squeezed by the Treasury.
Britain's tax take will surpass £1 trillion next year for the first time – a stark illustration of the squeeze being put on households and businesses by the Treasury.
Five years from now, the Government's fiscal watchdog predicts the taxman will grab 45 per cent more in income tax as frozen thresholds drag millions more into paying at higher rates. Wealth taxes will yield an accumulated £257 billion.
And the hike in the corporation tax rate earlier this year will dwarf the impact of the national insurance rate cut announced this week.
The figures show Britain's soaring tax burden, on course to rise to 37.7 per cent of GDP, its highest level since the Second World War.
Stark figures from the Office for Budget Responsibility (OBR) show debt on course to hit £3 trillion four years from now in 2027/28.
It amazes me that if someone ran their household finances in the same way that numerous governments have run the UK finances they would be rightly ridiculed. But I guess if it's everyone elses money you're spending it's much easier to not give two hoots what you're overspending it on.
It amazes me that if someone ran their household finances in the same way that numerous governments have run the UK finances they would be rightly ridiculed. But I guess if it's everyone elses money you're spending it's much easier to not give two hoots what you're overspending it on.
Exactly this.
In simple terms, it is this.
Your household income is currently £90,000 a year. You are currently spending £110,000 a year, including £10,000 on servicing your £200,000 debts.
And you have just told your Wife that you are now doing so well you can afford to spend more.
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https://www.msn.com/en-gb/money/other/get-ready-for-austerity-part-two-economists-warn-the-uk-should-brace-itself-for-public-spending-cuts-on-the-scale-of-george-osborne-s-measures-following-jeremy-hunt-s-autumn-statement/ar-AA1krs1q?ocid=msedgntp&cvid=4a795607cb094c979f708180f6f76dd9&ei=48
Britain's tax take will surpass £1 trillion next year for the first time – a stark illustration of the squeeze being put on households and businesses by the Treasury.
Five years from now, the Government's fiscal watchdog predicts the taxman will grab 45 per cent more in income tax as frozen thresholds drag millions more into paying at higher rates. Wealth taxes will yield an accumulated £257 billion.
And the hike in the corporation tax rate earlier this year will dwarf the impact of the national insurance rate cut announced this week.
The figures show Britain's soaring tax burden, on course to rise to 37.7 per cent of GDP, its highest level since the Second World War.
Stark figures from the Office for Budget Responsibility (OBR) show debt on course to hit £3 trillion four years from now in 2027/28.
We have had 13 years of Tory Government. During nearly all of which they have been preaching austerity, and the need to reduce debt.
And debt has more than doubled during that time.
Interest rates are not helping either.
In simple terms, it is this.
Your household income is currently £90,000 a year. You are currently spending £110,000 a year, including £10,000 on servicing your £200,000 debts.
And you have just told your Wife that you are now doing so well you can afford to spend more.
https://uk.yahoo.com/news/no-bounce-tories-tax-cutting-192726977.html