Data shows increased pressure on British households will raise taxes to £1 trillion – World Latest News Headlines

Budget documents show that taxes are set to reach £1 trillion for the first time as pressure mounts on British households.

Total tax collection is projected to reach £1,038 billion in 2026-27.

That would be a third higher than this year, taking the tax burden to the equivalent of 36.2 percent of GDP – the highest level since Clement Attlee’s post-war Labor government in the early 1950s.

Figures published by the Office for Budget Responsibility (OBR) also show that the wealth tax – inheritance tax and capital gains tax – will bring in more than £130 billion over the next six years.

Figures published by OBR show Britain’s tax receipts will reach £1 trillion in 2026-27 following Chancellor Rishi Sunak’s announcements in Wednesday’s budget.

The chancellor said that it is necessary to increase the tax burden because this country has suffered the biggest setback in 300 years.

According to the OBR, the tax amount this year is expected to total £775.7 billion.

The increase in the burden in the coming years came after Mr Sunak’s tax hikes, which included corporation tax, a freeze in income tax limits and health and social care fees.

But it has caused unrest among Tory lawmakers, some of whom believe the Chancellor should lower rather than raise taxes.

MP Kevin Hollinrek said: ‘As we get out of this hump on the path to Covid recovery and Brexit readjustment, we will have to reduce taxes.’

Fellow MP Andrew Brighan said he would seek “many more” big tax cuts if the economy grows 6 percent this year.

By 2027, the government will collect £91.9 billion in capital gains tax and £40.5 billion in inheritance tax.