From £6.99 per month
ShareProphets
The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares

MINDING THE LSE’S BUSINESS

Join for as low as £6.99 per month

With ShareProphets’ membership, you receive:

• All premium articles

• Tom Winnifrith’s Bearcast

• Access to all the entire nearly 10 year archive

• ShareProphets Daily Newsletter

The 1,034 Tory tax rises since 2010

By Tom Winnifrith | Sunday 28 February 2021


 


The Tories have been cutting taxes to help their rich pals while screwing the poor! I am sure I have heard that on the BBC about once a day for the past decade and it is what our schools and universities teach their kids. But oh no, the truth is very different. As Rishi Sunak prepares for more tax hikes in his budget, the Taxpayers Alliance has published new research showing what a Con the Tories have been while claiming to be a low tax party. It is shocking.


The Taxpayers Alliance writes:


With the Budget fast approaching, today the TaxPayers’ Alliance can reveal there have been 1,034 tax rises under Conservative prime ministers since 2010. Rigorous research by our team shows that Conservative leaders have implemented a total of 1,651 tax changes in the last decade, of which 63 per cent were tax hikes.

This means the total amount of tax collected will increase by £172 billion in real terms from 2009-10 to 2021-22. There is some good news though. Boris Johnson is currently the only leader since 2010 to introduce more tax cuts than rises. ( TW Note that is going to change is it not?)


The most tax hikes occurred during David Cameron’s reign, with both the greatest number of tax changes and tax rises in a single year (2012-13). He also oversaw the biggest number of tax cuts in a single year, cutting 83 taxes in the last full year before the 2015 election. Under Theresa May however, there were over twice as many tax rises as there were cuts. 

Is it any wonder the tax burden is at a 70-year high after a decade of tax increases? For too long we’ve seen Conservative chancellors give with one hand but take back a sizeable chunk with the other. Every aspect of life now comes with a sizeable tax bill.

Any further hikes would create more austerity for taxpayers. That’s why the TaxPayers’ Alliance is calling for a recovery budget on Wednesday. The government has an opportunity to give taxpayers a respite from rises, rescue struggling sectors and revive the economy. It should seize it with both hands.


You can see the list of Tory tax changes HERE

This story is available to all readers
ShareProphets is reader-supported journalism

Become a member starting at £6.99 per month for all articles, the Bearcast, and our seven year archive.


Filed under:


Subscribe to our newsletter

Daily digest of our latest stories.



Search ShareProphets

Market News

Complete Coverage

Recent Comments

That Was the Week that Was

 

Black-Swan

Video: Poking Bears And Black Swans

 

SBTX

Is Stuart Ashman lying again?

 

Crime-Scene

So farewell then MichaelWalters.com

Time left: 08:05:35