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Home |Latest news |Britain needs 'better taxes' to boost economic growth, says think tank

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Britain needs 'better taxes' to boost economic growth, says think tank

June 30 2023

Think tank the Resolution Foundation has stated that the UK requires 'better taxes' rather than higher ones in order to boost fairness and spur economic growth.

In a new report, the Resolution Foundation said that the government must move away from its 'simplistic and pernicious cycle of promising tax cuts while delivering tax rises'. Instead, it should focus on reforming and improving the tax system so that it supports economic growth.

The report found that the UK's tax take is set to rise from 33% of GDP in 2009/10 to 38% in 2027/28, which the think tank suggested equates to a tax rise of £4,200 per household.

The Resolution Foundation warned that with the UK's tax take set to increase to £1 trillion by 2025/26, the government must move away from 'flip-flopping and wishing away problems' and move towards 'a proper tax strategy focused on taking on the UK's economic challenges of raising growth and minimising inequality'.

'The UK's taxes have jumped up overall and are more likely to rise further than fall in future, despite the political rhetoric around cuts,' said Adam Corlett, Principal Economist at the Resolution Foundation.

'Britain's tax system needs a complete overhaul so that it is focused on helping rather than hindering economic growth, reducing inequality and creating a level playing field. These are basic principles that most taxpayers would expect, but that our current system frequently fails to deliver.'

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