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When will UK taxes start to fall?

As we see an increase in both direct and indirect taxes across the UK a number of consumers are starting to ask when we could see UK tax rates fall back. The problem is that with the UK budget deficit set to hit nearly £700 billion over the next four years there is a growing black hole for taxpayers to fill in due course. Recent forecast suggests upwards of £2000 per taxpayer in UK would be required to cover the £70 billion shortfall forecast by many analysts over the next four years. This is before we even start to pay back the substantial debt which the government has taken on board over the last 18 months.

It is certain that UK taxpayers will see taxes rise after the next general election with the eventual winner set to inherit something of a poisoned chalice. There is even a chance that the UK economy could still be struggling to reach recent highs before the general election in 2015. There is no getting away from the fact that UK government finances are in disarray, economic growth is set to be much lower than forecast by the authorities and taxpayers will carry the burden. The last 18 months have been disastrous for the worldwide economy and UK taxpayers will still be feeling the after-effects up to a decade later.

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