The Office for Budget Responsibility (OBR) forecasts indicate that tax receipts as a proportion of GDP are set to rise to their highest level since 1948, reaching 37.1% by 2028/29. This marks a significant increase, 4 percentage points above the pre-pandemic level. Despite a revision down by 0.2 percentage points from the November forecast, the tax burden is expected to increase, bringing 3.3 million taxpayers into higher and additional tax rates by 2027-28. This rise occurs even after a 2p cut to National Insurance Contributions (NICS), highlighting a growing tax burden on the UK economy.
Taxes still forecast to rise to highest level *since 1948* – another key Labour attack line survives. https://t.co/xkjyfYfWbP
OBR forecasts tax receipts as a proportion of GDP are set to rise to their highest level since the 1940s... 3.3 million taxpayers also forecast to be brought into higher and additional tax rates by 2027-28. https://t.co/nDpoiJs4iX
Are taxes actually coming down? As a percentage of GDP, tax is still going up (just not as fast as it was) Forecast to be highest level since 1948 https://t.co/OA0rSoL3PJ
Taxes (as a share of GDP) will keep rising this decade even after today’s Budget, the OBR reckons. Forecasted to hit 37.1% of GDP in 2028/29 - still the highest level since 1948. Though it will rise less high than expected in November.
OBR forecasts tax receipts as a proportion of GDP are set to rise to their highest level since the 1940s... https://t.co/Jdi1bb7xL4
OBR (page 80). Tax as share of GDP revised down by 0.2 percentage points from Nov forecast. But tax as share of GDP rises to 37.1 percent in 2028/9, which would be highest level since 1948 & 4pp above pre pandemic level https://t.co/MUpZ9Qn7xt
OBR confirms tax burden to rise despite the 2p cut to NICS: "Tax as a share of GDP is forecast to rise to 37.1 per cent of GDP in 2028-29, 4.0 per cent of GDP higher than the pre-pandemic level"