The Tax Burden is supposedly to be the highest since 1986. According to reports from the institute of Fiscal Studies, higher income from and low growth combined will create the effect of Higher Taxes.
It has been decided by the Chancellor to scrap a target of balancing the nation’s books which means that spending cuts could continue into the 2020s.
The Treasury claims that it is dedicated to fixing Britain’s finances. Some experts believe that the economy will have a growth of 1.6% this year. However, they also believe that next year in 2018 the Economic Growth will slow by 1.3%. Growth is also expected to dim due to inflation incited by the decline of the pound from the EU referendum. Despite the pound being weak being beneficial for manufacturers and exporters, consumers will face higher costs.
The Treasury has also said that the government is to repair the public finances so that the UK economy will work for everyone. Despite having to make difficult decisions on spending they are prepared to make sure the Taxpayers’ money has the maximum value for their pounds.