Rishi Sunak Implements Record Breaking Tax Hikes

2023-09-28 23:01:37

Record Breaking Tax Hikes Under Rishi Sunak's Leadership

Rishi Sunak is expected to lead the Tories into the next election, with the government having implemented the largest tax increases in history.

According to the Institute of Fiscal Studies (IFS), taxes will soon comprise approximately 37% of the national income, a significant increase from around 33% at the time of the 2019 election.

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This equates to an additional £3,500 in taxes per household within just four years.

The next election is anticipated to take place in either spring or autumn of next year. However, in theory, Sunak could postpone it until January 2025.

Tax-Raising Parliament

Based on current projections, the IFS has stated that there is "no world" in which this parliamentary term, or the period since Sunak took office almost a year ago, will not involve tax increases.

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The IFS analysis is likely to cause further dissatisfaction among Tory MPs who have been urging Sunak to reduce taxes urgently.

Calls to Cut Taxes

Last week, Liz Truss made a significant statement, urging Sunak's successor to lower taxes, including a reduction in corporation tax to its previous rate of 19%.

However, Jeremy Hunt has cautioned that it is "virtually impossible" to implement tax cuts given the UK's long-term debt level.

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The chancellor himself has acknowledged that the Autumn Statement in November will include even more "difficult decisions."

A Shift to a Higher-Tax Economy

Ben Zaranko, a senior research economist at the IFS, believes it is "inconceivable" that Sunak will be able to claim an overall reduction in taxes by the time of the election.

"It appears to be secured as the parliament with the highest tax increases since at least the Second World War," Zaranko stated.

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He added, "This is primarily not a direct consequence of the pandemic. Instead, it reflects decisions to increase government spending, partly driven by demographic changes, pressures on healthcare, and a partial reversal of austerity measures."

Mark Franks, the director of welfare at the Nuffield Foundation, stated that demographic changes and sluggish economic growth are leading to an "almost inevitable increase in tax."

"There will be mounting pressure in future parliaments to further raise taxes to meet the growing demand for public services, such as healthcare," Franks added.

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