Tax burden projected to reach highest level since 1950s despite Conservative reputation for low taxes
- The tax burden is forecast to rise to around 37% of GDP by 2024, higher than any time since the post-war period.
- Tax hikes under Boris Johnson and Rishi Sunak will cost the average UK household about £3,500 extra per year.
- The Conservatives have raised over £100 billion more in tax revenue than originally planned, breaking with their traditional low-tax policies.
- Increasing demands for higher public spending and changes in demographics are driving the historic rise in taxes.
- Some Conservative MPs are calling for tax cuts, but the Chancellor has said reductions are "virtually impossible" in the short term.