Rishi Sunak told MPs the higher tax burden is down to the “unprecedented crisis” of the pandemic.

Tory Chancellor Rishi Sunak took advantage of better than expected growth figures as an excuse to splash the cash in his latest budget spending spree. Households are liable to be stung by future tax rises which will hoist the tax burden to the highest level since  the 1950s. Rishi Sunak told MPs the higher tax burden is down to the “unprecedented crisis” of the pandemic.

Sunak ramped up day to day spending by £150 bn over the course of this parliament, as hundreds of billions of pounds will be spend on Infrastructure revolution. He also announced increased government spending on hospitals, schools and justice system also almost every Whitehall department got a real terns increase in their budget.

Sunak has hiked taxes more in a year than any other Chancellor since Norman Lamont 30 years ago.

A complete overhaul of alcohol duty, which will see taxes on beer and champagne slashed.

A reduction of Universal Credit  taper rate that will amount to a £2bn tax cut for the lowest paid workers.

The bank surcharge on profits cut from 8 to 3 per cent.  

The Annual GDP growth is expected to dip to just 1,3 per cent in 2024 and 1.6 per cent in 2025 following a strong immediate bounce back from Covid 19 pandemic.