News: 30th January 2013

Taxes set to rise '300 times in current parliament'

Taxes set to rise '300 times in current parliament'A new report by the Taxpayers Alliance (TPA) predicts that taxes will go up close to 300 times by the end of the current parliament in 2015.

Its research showed that 254 tax rises have already been introduced since David Cameron came to power in May 2010, while another 45 are poised to be introduced in the next couple of years.

This means the Treasury will see tax income increase from £513 billion in 2009/10 to £671 billion in 2015/16.

Chief Executive of TPA Matthew Sinclair said: "High taxes kill jobs, depress wages and increase prices. With nearly 300 tax rises since the government came to power, it is no wonder everyone is feeling squeezed.

"The crisis in the public finances came after a decade of tax rises, not tax cuts, but politicians are still coming back for more."

It follows research from Interim Partners, published earlier this week, which shows firms are keen on a VAT reduction this year.

Posted by Thomas Fletcher

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