TAXING TIMES
Voters must accept that taxes will increase no matter who wins election, warn experts
Forecasts show taxes as a share of national income will rise from 36.5 per cent this year to 37.1 per cent by 2028
VOTERS have to accept that taxes will be going up — whichever party wins on July 4, experts warn.
The state of the economy is hanging over the election like a dark cloud, the Institute for Fiscal Studies says.
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Forecasts show taxes as a share of national income will rise from 36.5 per cent this year to 37.1 per cent by 2028.
Institute boss Paul Johnson said: “We’ve got a very high debt interest bill and both parties are committed to getting debt down over the last year of the coming parliament.
“That will require not just those tax increases and spending cuts we’ve got coming in — but probably more than that.
“We could get miraculously lucky with growth and escape having to make these tough choices. But we might not.
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“Just because football fans are crossing their fingers and hoping for the best this summer doesn’t mean the next Cabinet should do the same.”
The campaign over the next six weeks will see Rishi Sunak and Sir Keir Starmer battle to become PM.
Next Thursday, May 30, will see Parliament officially dissolved which means all current MPs cease to hold office and vacate their seats.
TV debates between the leaders are expected in the weeks leading up to the election, with the dates to be decided by the parties and broadcasters.
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Every British citizen aged 18 and over is eligible to vote at the General Election.
People must register to vote in the constituency where they live if they are not already, with a deadline expected around June 18.
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