UK households face tax rise of £3,500 a year by next election, finds IFS

Tax revenue is on track to amount to about 37% of national income in 2024, up from about 33% four years ago, according to the IFS. Photograph: Uk Parliament/Jessica Taylor/Reuters

UK households are facing an average tax rise of £3,500 a year by the next election, the country’s leading economics thinktank has said – the biggest increase over a parliament on records dating back more than 70 years.

The Institute for Fiscal Studies (IFS) said that on current forecasts the Conservatives were on track to raise £100bn more annually by 2024 than if taxes as a share of national income had stayed the same as in 2019.