Experts caution that tax hikes are inevitable, no matter the election result
Voters need to come to terms with the fact that taxes are set to rise, regardless of which party emerges victorious on July 4, experts have warned. The Institute for Fiscal Studies highlights that the state of the economy looms over the upcoming election, with forecasts indicating that taxes as a percentage of national income will climb from 36.5% this year to 37.1% by 2028.
Institute for Fiscal Studies urges acceptance of impending tax increases
Institute for Fiscal Studies director Paul Johnson emphasized the necessity for tax hikes and spending cuts to reduce the high debt interest bill. Johnson stated, "We’ve got a very high debt interest bill and both parties are committed to getting debt down over the last year of the coming parliament. That will require not just those tax increases and spending cuts we’ve got coming in — but probably more than that."
Political Battle Looms as Economy Takes Center Stage
The upcoming election will witness a fierce competition between Rishi Sunak and Sir Keir Starmer as they vie for the position of Prime Minister. With Parliament set to dissolve on May 30, paving the way for electoral campaigning, TV debates between party leaders are on the horizon. All British citizens aged 18 and above are eligible to cast their votes, with a registration deadline expected around June 18.
