We offer a range of high quality accounting, financial and business services in and around Milton Keynes.

UK public spending to top £1 trillion a year, predicts think tank

26 Feb 2020

Government spending will increase to over £1 trillion a year by 2023/24, the Resolution Foundation has predicted.

It would be the first time in history that UK government spending rises above the £1 trillion barrier, according to the think tank's report.

The analysis compiled ahead of the 11 March Budget forecasts that the government will raise spending to about 40% of GDP by the end of the current parliament.

This would eclipse the spending of Tony Blair's New Labour governments and take Britain back to 1970s levels of spending.

However, the Resolution Foundation warns that the money for extra spending would probably require tax increases, unless Chancellor Rishi Sunak broke budget rules drawn up by his predecessor, Sajid Javid.

Commenting on the report, Jack Leslie, Economist at the Resolution Foundation, said: 'If the Chancellor wants to increase spending on day-to-day public services in a fiscally responsible way, he will have to change another of his party's traditional priorities – lower taxes.

'Higher spending will require higher taxes.'

Register

Why not register to receive our monthly newswire? This is packed full of essential business news and handy tax tips to help save you money.

Learn more

Tax Calendar

Our handy tax calendar provides an overview of the key tax dates for your diary.

Learn more

Calculators

B2B’s interactive tax calculators can be used to calculate VAT due, the taxable benefits on your company car and how much your savings are worth.

Learn more

Home | About us | Contact us | Logon | Register | Accessibility | Disclaimer | Help | Site map |

© 2020 B2B Business Advisors Limited. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Chartered Tax Adviser

Registered in England, Company Registration number – 7906656. Registered Office – 58b High Street, Stony Stratford, Milton Keynes, MK11 1AQ. Registered with the Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry out audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.