Budget 2015: You think you’ll be paying less tax? Think again….

‘Budgets are frequently not quite what they seem. Try this: listening to Mr Osborne talking about tax breaks for millions of people, would you assume that the tax take in this Parliament is going to go up or go down?

The answer is up, but you have to get to page 89 of the Office for Budget Responsibility’s report to see it. Total government receipts are projected to rise from 35.7 per cent of GDP in the current tax year to 36.8 per cent in 2020-21. Income tax and national insurance – notwithstanding all that stuff about higher thresholds – goes up from 15.1 per cent of GDP to 16.6 per cent. There is nothing wrong with this, for there is still a huge deficit to cover and some other taxes such as corporation tax and fuel duties are going to chip in less. But this is not a tax-cutting government.’

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