Accountants based in Sidcup, UK

Business group warns tax rises will be 'difficult to avoid' over next five years

25 Jun 2024

 The Institute for Fiscal Studies (IFS) has warned that tax rises will be difficult to avoid in the next five years.

The IFS recently stated that it will be a 'considerable surprise' if taxes do not increase over the coming five years.

According to the IFS, whoever wins the upcoming General Election faces a 'trilemma' - raise taxes by more than previously indicated in party manifestos, implement cuts to some areas of spending or borrow more and allow debt to rise for longer.

Paul Johnson, Director of the IFS, said: 'Huge decisions over the size and shape of the state will need to be taken, that those decisions will, in all likelihood, mean either higher taxes or worse public services.

'Despite a damaging rush to rule out increases in all sorts of tax rates, it will be a considerable surprise if no other taxes are increased over the next five years.' 

Try a site search Tax return, dividends, pension, audit...

Company details

0208 3002307

Opass Billings Wilson & Honey LLP, Numeric House, 98 Station Road, Sidcup, Kent DA15 7BY
About us

Led by a management team qualified and experienced in our business disciplines, and assisted by technical and administrative personnel, we offer a wide range of business, tax and advisory services.

Read more

© 2024 Opass Billings Wilson & Honey LLP. All rights reserved. We use cookies on this website, you can find more information about cookies here.
Registered in England. Partnership No. OC341377. Registered office address as above.