𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

Rachel Reeves is raising taxes at the fastest pace in the world, damning forecasts show. The Chancellor’s repeated raids on households and businesses will push the UK’s tax burden to a peacetime high of 42.1% of GDP by 2030, according to the International Monetary Fund.

This has surged from 37.6% in 2024, when Labour took power. The rise equates to an extra £130billion of taxes per year, or £4,500 per household. UK taxes are on course to rise faster than in the rest of the G7 club of rich nations, as well as in countries subject to International Monetary Fund (IMF) bailout programmes, such as Pakistan and Egypt.

The increases have been driven by a stealth raid on incomes as well as a £25billion increase in employers’ National Insurance contributions.

The IMF’s forecasts make a mockery of Labour’s manifesto pledge not to increase taxes on working people.

Ms Reeves’s successive tax raids have largely targeted workers and businesses in order to fund an expansion of the welfare state.

Economists have warned that levies will have to rise even further to fund defence spending.

Lord Robertson, a former NATO secretary-general who served as a defence secretary under Sir Tony Blair, questioned the Government’s priorities earlier this week in light of the “ever-expanding welfare budget”.

The US is expected to see its burden rise by just 0.9% by the end of the decade to 30.8% of GDP.

France’s tax burden is projected to rise from 51.5% to 53.2%.

Taxes in Japan and Canada are forecast to fall in the next five years relative to the size of their economies.

Reform UK’s economic spokesman Robert Jenrick said: “Thanks to Rachel Reeves’ idiot premium it costs more for the Government to borrow money than at any point since the 2008 financial crash. “That’s more taxpayer’s money wasted.

“To make matters worse, taxes are rising here faster than anywhere else in the world. That’s because Rachel Reeves is spending billions of pounds on welfare spending – with 1.5m more people on benefits since Labour were elected.

“Only Reform UK will slash wasteful benefits spending, net zero subsidies and foreign aid for rich countries that is bankrupting Britain. Our fully costed plan will lower energy bills by at least £200 and give households across the country much-needed relief.”

Shadow Chancellor Sir Mel Stride said: “Rachel Reeves said she wouldn’t tax working people but she’s delivering the fastest rise in the tax burden of any major economy.

“That is reckless and totally unsustainable for our economy. Instead of raising taxes to pay for yet more welfare, Labour should be getting spending under control so we can bring down the tax burden and live within our means.”