FINANCE

Hunt must protect the frontline and fend off the bond markets

Michael Burton says that in the end, taxes will have to rise: 'the public want their services, austerity is no longer the vote winner it was in 2010 and in turn, the markets won’t tolerate fantasy budgets'.

Public spending is close to £1trn a year. Our tax levels are around mid-way compared to other advanced industrial countries, which amazingly, does still include us.

According to stats at the House of Commons Library, the £915bn raised in taxes in 2021-22 was equal to 39% of GDP, the highest since the 1980s when one Margaret Thatcher was Prime Minister.

Michael Burton

Popular articles by Michael Burton

SUBSCRIBE TO CONTINUE READING

Get unlimited access to The MJ with a subscription, plus a weekly copy of The MJ magazine sent directly to you door and inbox.

Subscribe

Full website content includes additional, exclusive commentary and analysis on the issues affecting local government.

Login

Already a subscriber?