Chart of the week: Britain’s tax burden

When it comes to taxation, our approach resembles our geography: we are somewhere between Europe and the US. The UK has the 22nd-highest tax-to-GDP ratio out of 80 countries, according to data from the OECD, an association of developed countries. In 2016, total tax revenues in the UK came to 33.2% of GDP; the range was 10.8% to 45.9%.
This means the UK had a higher tax burden than the United States, Australia and Canada. Many European countries’ ratios eclipse ours, led by Denmark (45.9%), France (45.3%) and Belgium (44.2%). Taxes on income and profits make up 11.9% of our GDP. Levies on goods and services comprise 10.7%, national insurance 6.3% and taxes on property 4.2%.

Leave a Reply

Your email address will not be published. Required fields are marked *