And the long term forecast is....
Taxes set to keep rising for 50 years, Treasury figures show
Britons will have to pay ever higher proportions of tax for the rest of their working lives, the Government’s own figures revealed.
Despite an unprecedented era of economic stability and growth, the burden of taxation is set to rise or stay constant in every decade for the coming 50 years, according to little-noticed forecasts published by the Treasury this month.
The Government’s best estimate of the tax burden it will bequeath to future generations is printed in figures less than two millimetres in size and buried within an obscure document published alongside Gordon Brown’s Pre-Budget Report (PBR).
Entitled Long-Term Public Finance Report: an Analysis of Fiscal Sustainability, it revealed that taxes as a proportion of national income will rise from 38.4 per cent this year to 40.5 per cent in 2026 and up to 41.6 per cent in 2056, if current policies are continued.
Government spending is set to rise even faster, pushing the country’s finances deeper into the red with every successive decade from the 2030s onwards. (The Times)
Abandon hope all ye who enter here.