LONDON (CU)_Households in the UK are currently under mounting pressure owing to rising inflation and higher energy bills, and the rising tax burden is only making matters worse. Chancellor Rishi Sunak’s plans to increase the national insurance surcharge by 1.25 per cent in April, followed by tax rises on businesses next year are expected to push the overall tax level to about 25.5 per cent of the GDP by the end of the parliament, its highest level in 70 years.
Although it is still lower than Britain’s European peers, France, at over 40 per cent, and Germany, at 39 per cent, several Tory MPs argue that the increasing tax burden would undermine the party’s economic credibility amid historical price pressures faced by households. Accordingly, Sunak is expected to…
