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Whoever wins the next election, taxes are likely to go up

Whoever wins the next election, taxes are likely to go up

TO FINANCE the many costly promises in its manifesto the Labour Party would need to increase taxes significantly. It has promised a steep rise in corporation tax and a higher rate of income tax for those earning more than £80,000 ($104,000) a year. The Liberal Democrats want to add one percentage point to each band of income tax to pay for extra spending on health care.

The Conservatives, by contrast, like to portray themselves as the party of low taxes. On the campaign trail Theresa May has talked of her low-tax “instinct”. But she has left the door open to higher taxes, in contrast to her party’s promise in 2015 not to increase income tax, VAT or national insurance contributions (a payroll tax which Philip Hammond, the chancellor of the exchequer, is keen to raise).

Regardless of the parties’ manifestos, a look at Britain’s accounts makes one thing clear: whoever wins on June 8th and whatever promises they make now, in the coming years the tax burden is likely to rise…Continue reading

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