Each of the five Conservative chancellors since 2019 has consistently said they want to cut taxes but only one, Kwasi Kwarteng, has done so.
Given the IFS measures the tax burden as a percentage of GDP, delivering growth would be a way of cutting the tax burden.Rosebank won't make enormous difference to economy - but politics are significantThere was a sliver of a glimmer of good news on that front with the ONS upgrading GDP in the first quarter of this year, and all of 2022 by… 0.2%.
The current Chancellor Jeremy Hunt said the revision"proved the doubters wrong" but while it is of course welcome, it's not enough to change the overarching narrative of stagnant economic progress in the last decade. Even if growth were revised upwards by 2% next year, the IFS says it would still leave the tax burden at 36.6%, an increase of 3.5%, still the largest since the 1940s.
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