Government Has Little Room for Cuts Amid Record High Tax Burden: IFS

Published on February 27, 2024

There is little wiggle room for Chancellor Jeremy Hunt to announce tax cuts in the upcoming Spring Budget, amid record-breaking increases in tax revenues, an economic think tank has revealed. Reporting on the March budget, the Institute for Fiscal Studies (IFS) suggested that the economic case for another sizeable net tax cut is “weak.” Britain’s tax burden in 2023–2024 will be £66 billion higher than five years ago, and is set to increase as a share of national income up to £104 billion in 2028–2029. The largest offenders when it comes to increasing taxes are threshold freezes in personal direct tax and the corporation tax increase implemented last year....

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