IMF warns that UK tax burden will soon hit new record high.

 

IMF forecasts UK tax burden will soon hit new record high

A just released forecast from the IMF says the UK tax burden will hit a new peacetime record of 42.1% by 2030, up from 37.6% in 2024 when Labour came into office.

This will come as further unwelcome news for hard-pressed households, businesses and landlords.

Rachel Reeves’ successive tax raids have largely been used to fund an expansion of the Welfare State.

But economists hare now warning that taxes will have to increase even further to fund defence spending.

The big question is how much further this process can continue before the UK economy is tipped into outright recession. Then ever higher tax rates will NOT result in additional tax revenue. Rachel Reeves is in a tricky spot.

Jm April 16th 2026

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