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When will UK taxes rise?

One of the main issues regarding the timing of the eventual improvement in the UK economy is when the UK government will pull the trigger and decide to increase taxes and income to pay off the national debt. It is debatable as to how, when and by how much the UK government will increase its income over the short to medium term but it is inevitable that UK taxes will rise as soon as the economy shows any signs of standing on its own 2 feet.

As a consequence, because UK national debt is significantly higher than many other countries around the world, as a percentage of Gross Domestic Product, there is no doubt that this will cause a marked lag in the UK economic recovery. This will pose an enormous problem for the UK government, whichever party that may be, as timing will be vital in the fight to get the UK economy up and running again.

If the authorities take too much tax income too quickly, the recovery could die but if the government leave it too late then public sector spending will suffer as a consequence. Whichever way you look at it there is no doubt that the enormous increase in UK national debt is going to cause a major problem in the short, medium and even possibly the longer term. Is the next term in office in the UK a poisoned chalice?

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