Swelling tax burden to highest level since 1950s is ‘understandable’
The government’s decision to saddle Brits with the heaviest tax burden since the 1950s is “understandable,” according to a group of cross-party MPs.
A ramping up of government spending announced at the October budget to deal with the ongoing fallout of the Covid-19 crisis is needed “given that the country is still in the midst of a global pandemic”.
That’s according to a new report examining the merits of Chancellor Rishi Sunak’s latest budget published by the Treasury Committee today.
The group warned it will be a “significant challenge” for the Chancellor to slash taxes in the run up to the next election due to a lack of fiscal headroom.
The Committee said Sunak will “have to identify areas of departmental spending where he can reduce spending” to cut the tax burden.
Brits are set to be stung by a 1.25 percentage hike to national insurance this April.