An era of low taxes is coming to an end and people in the UK will have to get used to paying much higher levels for decades to come, the head of a leading UK economic research institute has said ⬇️ jessiehewitson meets PJTheEconomist
or political commitments axed means the Government has few options left to slash taxes, said Paul Johnson, of the Institute of Fiscal Studies.
The tax-to-GDP ratio is the most common way of gauging how much tax is paid. Having remained stable for the past 40 years – between 30 and 32 per cent of our GDP – it is now 33.5 per cent and by April 2025, will hit 37.5 per cent according to projections by the Office of Budget Responsibility . “It’s one of those difficult things that politicians find hard to talk about. Everyone wants better public services… they also want low tax.. We could decide to shift up the state pension age, or cut the state pension… but I don’t detect a public appetite for these things.”
Johnson, who before heading up the IFS worked as director of public spending at the Treasury, also discusses, in his interview withThese include why the Chancellor is able to find £6bn to give to motorists but not for striking public sector workers, what the economy needs from any future Brexit renegotiations and migration, and how Hunt can help reverse the long-term trend of working younger people paying to maintain the lifestyle of older voters.
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