Labour's budget is the biggest % tax change in 30 years
When looking at tax changes as a % of forecasted national income (GDP), Reeves' Autumn Statement was the highest % tax change nationally since 1993.
Despite many pledges to not increase taxes, the Tories are second in tow; with Sunak's 2021 Autumn Statement representing a 1.05% tax increase, according to the IFS.
All estimates are from the Institute for Fiscal Studies (IFS). Values denote the planned tax change in the final year of the forecast period, based on contemporaneous policy costings and forecasts for GDP. IFS calculations using OBR policy measures database and historical forecasts database.
