Decisions need to be made now to reduce the colossal tax burden
8 June 2022
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Commenting on reports the Prime Minister is facing pressure to cut taxes, Sam Collins, Senior Advisor at free market think tank the Institute of Economic Affairs, said:
“As inflation continues to bite, it is clear that the quickest and most effective way to reduce household costs is to cut taxes.
“The latest data show the average British family pays almost £12,000 a year in direct and indirect taxes, more than a third of their yearly income, yet the government’s view to date has been to increase, rather than reduce, this burden.
“The Prime Minister and Chancellor need to take this opportunity to radically simplify and reform the tax system. While an income tax cut and cancelling the rise in National Insurance rates would be two obvious ways to help some households, there are at least 20 taxes that could be combined, reformed or straight out abolished to reduce this complexity and economic distortion, including Council Tax, Stamp Duty, Business Rates and a range of other duties.
“The Prime Minister has for a number of years declared himself a ‘low tax Tory’. Now it is time for him to prove it.
ENDS
Notes to editors
Contact: media@iea.org.uk / 07763 365 520
IEA spokespeople are available for interview and further comment.
Further IEA reading: 20 taxes to scrap: How to grow the UK economy by simplifying the tax system, by Sam Collins and Alexander Hammond
“As inflation continues to bite, it is clear that the quickest and most effective way to reduce household costs is to cut taxes.
“The latest data show the average British family pays almost £12,000 a year in direct and indirect taxes, more than a third of their yearly income, yet the government’s view to date has been to increase, rather than reduce, this burden.
“The Prime Minister and Chancellor need to take this opportunity to radically simplify and reform the tax system. While an income tax cut and cancelling the rise in National Insurance rates would be two obvious ways to help some households, there are at least 20 taxes that could be combined, reformed or straight out abolished to reduce this complexity and economic distortion, including Council Tax, Stamp Duty, Business Rates and a range of other duties.
“The Prime Minister has for a number of years declared himself a ‘low tax Tory’. Now it is time for him to prove it.
ENDS
Notes to editors
Contact: media@iea.org.uk / 07763 365 520
IEA spokespeople are available for interview and further comment.
Further IEA reading: 20 taxes to scrap: How to grow the UK economy by simplifying the tax system, by Sam Collins and Alexander Hammond
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