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UK government sees unpaid pay taxes rise to £17 billion

The UK government has today received severe criticism after a report revealed that more than £17 billion is owed in taxes by the UK companies and consumers. The figure has risen significantly over the last two years amid signs that the Treasury has been unable to control the ongoing delays in payment of taxes. At a time when the UK government expects a UK budget deficit of around £175 billion for the current year, repayment of the £17 billion outstanding would make a significant difference.

Many people are astounded that the UK government, despite investing billions of pounds into the public sector, can stand today knowing that £17 billion in taxes remains unpaid, a figure which has increased by 22% over the last year. If anything the default rate will go higher in the short to medium term as the full impact of the UK recession continues to hit home. However, the UK government must also be wary of pushing people in financial difficulty over the edge or perhaps cutting off central funding to many UK businesses.

Whether the full £17 billion will ever be received remains to be seen but one thing is sure, this debt could not have come at a worse time.

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