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Taxes in the UK are not high by international standards but they are high by historical standards according to the Institute for Fiscal Studies (IFS).
The IFS has published a briefing note that places the UK’s current tax burden in historical and international context in the lead-up to the general election.
Key findings include:
- Taxes in the UK are high by historical standards. At 34.4% of national income the tax take is at its highest sustained level since the 1940s. Policy reforms since 2010 have increased tax revenue by about £20bn overall – despite large giveaways increasing the income tax personal allowance cutting the headline rate of corporation tax and freezing fuel duties. Tax-raising measures including rises in VAT and National Insurance contribution rates exceed these giveaways overall in revenue terms.
- UK taxes are not high by international standards. The UK tax take is near the average for...
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