Are Taxes Going Up Regardless of Who Wins the General Election? Experts Weigh In
The Impact of the General Election on Taxes
Voters Warned: Taxes Set to Increase After General Election
Voters heading to polls on July 4 must come to terms with the reality that taxes are set to rise, regardless of the election outcome, experts caution. The economy’s current state looms over the upcoming general election like a looming dark cloud, as noted by the Institute for Fiscal Studies.
Taxes on the Rise
Projections indicate that taxes as a percentage of national income will climb from 36.5% in the current year to 37.1% by 2028. The Director of the Institute for Fiscal Studies, Paul Johnson, emphasized the pressing need to reduce the nation’s debt in the next parliamentary term.
“We’ve got a very high debt interest bill, and both parties are committed to reducing the debt burden over the forthcoming parliament,” Johnson pointed out. “This will necessitate more than the tax hikes and spending cuts already in motion. While there’s a possibility of experiencing fortunate economic growth that alleviates these difficult decisions, there’s an equal chance that we may not be as fortunate.”
General Election Preparations
The six-week campaign leading up to the election will witness a showdown between contenders Rishi Sunak and Sir Keir Starmer competing for the Prime Minister’s seat. The official dissolution of Parliament is slated for May 30, signaling the end of office for all current MPs who will relinquish their seats.
Voting Eligibility and Deadlines
Television debates between party leaders are anticipated in the run-up to the election, with specific dates to be finalized by the parties and broadcasters. Every British citizen aged 18 and above holds the right to vote in the General Election. Prospective voters must enroll in the constituency where they reside if they haven’t already, with the registration deadline anticipated around June 18.
As the nation gears up for one of its most critical events, the impending General Election poses significant implications for tax policies and economic strategies. Stay informed and exercise your right to vote come July 4.