"IFS Think Tank Predicts Record Tax Levels in UK"

The Institute for Fiscal Studies (IFS) has predicted that the UK government is on track to oversee the highest tax levels since records began, with taxes expected to reach about 37% of national income by the next general election in 2024. This would be the highest level since 1948. The IFS analysis also revealed that the government is currently raising more tax revenue, as a percentage of national income, than at any time since the 1940s. The analysis attributes this to decisions to increase government spending, demographic changes, pressures on the health service, and some unwinding of austerity measures. Some Conservative MPs are calling for tax cuts, but Chancellor Jeremy Hunt has stated that tax cuts are "virtually impossible."