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Reeves is raising taxes at the fastest pace in the world
Britain’s tax burden will reach peacetime high of 42.1pc by 2030, forecasts IMF
Rachel Reeves is raising taxes at the fastest pace in the world, according to the International Monetary Fund (IMF).
The Chancellor’s repeated raids on households and businesses will push the UK’s tax burden to a peacetime high of 42.1pc of GDP by the start of the next decade, new forecasts showed.
This is up from 37.6pc in 2024, when Labour took power. The rise equates to an extra £130bn of taxes per year in today’s money, or £4,500 per household.
UK taxes are on course to rise faster than in the rest of the G7 club of rich nations, as well as in countries subject to IMF bailout programmes, such as Pakistan and Egypt.
While overall taxes are higher in other major European economies, IMF projections showed that the UK tax burden was poised to rise almost three times faster than in France over the next five years.
By the end of the decade, Britain’s taxes will be closer to France’s level, as well as that of other high-tax countries such as Denmark, than to the United States’ level.
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