A new study claims that families will face a significant increase in taxes in the next election, with the burden rising by £3,500 compared to the last. This is set to be the largest tax increase since World War Two, according to the research conducted by the Institute for Fiscal Studies (IFS). The findings are likely to cause concern for Chancellor Rishi Sunak ahead of the upcoming General Election.

£100 Billion Increase in Tax Revenue

The study reveals that the Treasury is set to collect an additional £100 billion in tax compared to when Prime Minister Boris Johnson went to the polls in 2019. This sharp increase in tax revenue reflects the policies implemented by successive Tory governments in response to the financial impact of the Covid pandemic.

"Biggest Tax Raising Parliament in Decades"

IFS economist Ben Zaranko comments on the findings, stating that the current parliament is on track to be the largest tax-raising government in decades, possibly surpassing even the Second World War era. These numbers indicate a significant shift in the country's tax landscape.

Cutting Taxes Now "Virtually Impossible"

Despite borrowing being below official forecasts, Chancellor Rishi Sunak has dismissed the possibility of cutting taxes in the near future. His stance was made even more apparent in November's Autumn Statement, where he tempered expectations of a tax giveaway, even though borrowing was lower than expected at £11.6 billion instead of £13 billion.

Brits Feeling the Squeeze

Labour's shadow treasury minister Darren Jones voiced his concern about the tax burden faced by British families. He stated that despite their hard work, they are feeling the financial squeeze caused by increasing taxes. This sentiment reflects the growing dissatisfaction among citizens regarding the rising tax rates.