Staggering extra taxes Brits will have to pay by 2030 compared to 2010 figures

Britain will pay £104 billion in extra taxes by the end of this decade compared to the last, experts have warned.

Even if Jeremy Hunt cuts levies in next week’s budget, this will only offset part of the record rise in tax revenue.

Despite recent cuts to National Insurance, analysis shows that taxes this year will be £66 billion higher than if revenues had remained at 2018-19 levels.

Forecasts show that, with a number of previous tax increases still to be implemented, revenues as a percentage of national income will total £104 billion greater in 2028-29 than they were a decade earlier.

Expert Carl Emmerson of the Institute for Fiscal Studies said: “Have we now raised taxes as a share of national income because we didn’t in the 2010s?”

The increase is fueled by the freezing of the thresholds in direct taxes on private individuals, the IFS says.

Tory MP Kevin Foster said: “A higher tax burden gives workers less incentive and reward.”

A Treasury spokesperson said: “Total departmental spending after inflation between 2028 and 2029 will be £85 billion higher than at the start of this Parliament.”

Meanwhile, cuts in stamp duty for homebuyers must be Chancellor Hunt’s priority to help boost budget growth, the IFS has warned.

The duty ‘heats the market’ and prevents new people and young people from getting on the ladder.