We’ll soon be stumping up £1TRILLION in tax: Levies will soar to highest ever level as squeeze on British families intensifies, data toon
Taxes are set to hit £1trillion for the first time as the squeeze on British families intensifies, Budget documents reveal.
The total tax take is forecast to reach £1,038,000,000,000 in 2026-27.
That would be a third more than this year, taking the tax burden to the equivalent of 36.2 per cent of gross domestic product – the highest level since Clement Attlee’s post-war Labour government in the early 1950s.
Die syfers, published by the Office for Budget Responsibility (OBR), also reveal that wealth taxes – inheritance tax and capital gains tax – will bring in more than £130billion over the next six years.
The figures published by the OBR show Britain’s tax receipts will hit £1trillion in 2026-27 after the announcements made in Wednesday’s Budget by Chancellor Rishi Sunak
The Chancellor said the rise in the tax burden was necessary ‘because this country suffered the biggest shock in 300 jare '.
The tax take this year is expected to total £775.7billion, according to the OBR.
The rise in the burden over the coming years follows a string of tax hikes by Mr Sunak including in corporation tax, a freeze in income tax thresholds and the introduction of the health and social care levy.
But it has caused unrest among Tory MPs, some of whom believe the Chancellor should be cutting rather than raising taxes.
MP Kevin Hollinrake said: ‘As soon as we get over this hump in the road of Covid recovery and Brexit readjustment, we’ve got to get taxes down.’
Fellow MP Andrew Bridgen said if the economy grows 6 per cent this year he and ‘many more’ will be looking for big tax cuts.
Deur 2027, the Government will collect £91.9billion in capital gains tax and will take £40.5billion in inheritance tax.