Working people in Britain face a tax bombshell of £500 billion by
2030 if Conservative MPs continue to prop up in office, Labour said
today.
The stark warning comes as Labour Deputy Leader Angela Rayner
faces Deputy Prime Minister at Prime Minister’s Questions.
Using OBR long-term forecasts and tax burden projections, Labour
calculates that the tax burden will balloon from £736 billion in
2018-19 before to £1.26 billion in 2030-31.
, Deputy Leader of
the Labour Party, said:
“Working people in Britain face a tax bombshell of £500 billion
by 2030 if 's backbenchers continue to
prop him up in office.
“This Prime Minister is well past his sell-by date and leaving
taxpayers to pick up the tab. He is presiding over a high tax,
low growth Tory Government while people face failing wages and
spiralling bills.
“After his devastating by-election defeats last week, it’s time
for Boris Johnson’s lackeys around the Cabinet table to read the
room, listen to the country and grasp the nettle.
“While the Tories become little more than a Preservation Society, Labour
has a plan to tax fairly, spend wisely, and grow the economy.”
Ends
Notes
Using the OBR’s long-term forecasts for nominal GDP growth and
assuming the tax burden stays at 2026-27 levels (36.3% of GDP),
the UK will be raising £1.26 trillion in tax in 2030-31.
This is over £500 billion more than the £736 billion raised in
2018-19 before became PM.
OBR, public finances databook and long-term economic determinants
can be found here: https://obr.uk/data/
