![]() ![]() “Ours is against excessive, unnecessary, expensive government.” “Tax freedom day falling on the anniversary of the Battle of Waterloo is a reminder that each age has its own battles to fight. Rt Hon Sir Jacob Rees-Mogg, member of parliament for North East Somerset said: We need to change direction and do so urgently." The state has lost control of spending and as a result working people pay ever more for an increasingly inefficient government. It's a huge 10 days later this time, showing how much the government has raised taxes in a short period. "Tax Freedom Day comes later and later each year. The government must be making concerted efforts to cut-taxes for every economic participant, which will drive growth and combat the cost of living crisis for the poorest in our society.” “With taxes at a post-war high, and living standards at a post-war low, this supposedly Conservative government is continuing to fleece hard working families and innovative companies to fuel the rolling catastrophe that is public service provision. Using OBR growth and tax revenue projections from March 2023, Tax Freedom Day is projected to hit June 23rd in 2025: the latest since at least the early 1960s, according to historical data.ĭr Eamonn Butler, Founder and Director of the Adam Smith Institute said: With current trends, we can expect Tax Freedom Day to continue to fall later in the year. While the Government’s immediate interventions to help households through the crisis are welcome, the rising cost of living cannot be effectively tackled without a growing economy underpinned by low taxes. In the midst of a cost of living crisis, taxpayers are being burdened with even more obligations to HMRC. Last year, Tax Freedom Day fell an entire week earlier. In 2023, the Adam Smith Institute (ASI) has estimated that every penny the average person earned for working up to and including 17th June went to the taxman - from June 18th onwards they are finally earning for themselves.īritish taxpayers have worked a gruelling 169 days for the taxman before they can start earning for themselves.īrits’ tax burden is moving in the wrong direction. Tax Freedom Day is the day when Britons stop paying tax and start putting their earnings into their own pocket. It is now incumbent on the Government to lower taxes to boost growth and investment. What is Tax Freedom Day? MPs have provided comments in support of Tax Freedom Day, recognising the need to reduce the burden on people and businesses during a cost of living crisis. This is the latest Tax Freedom Day since reliable records began in 1995-and compared to earlier (less reliable) data it is the latest since the mid-80s.Ĭost of Government Day, which factors in borrowing as well taxes, is August 15th-the latest on record, even factoring in pandemic spending in 2020. UK Taxpayers will fork out over £901.8bn to the Treasury this year, 46.25% of net national income. The 18th of June is the first day they start working for themselves.īrits work 169 days of the year solely to pay taxes. Taxpayers worked 169 days for HMRC this year. ![]()
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