Economists warn Treasury is likely to raise taxes even further this year

A group of economists have warned that despite record increases in taxes at October’s budget, the Treasury is likely to raise taxes even further this year, potentially undermining economic growth. The UK is expected to outperform France and Germany in 2025, but the previously announced tax rises could hinder the economy’s recovery. The chancellor’s record tax rises, including an increase in employers’ national insurance contributions, have contributed to a gloomy economic outlook, with firms anticipating reduced output and hiring, leading to concerns of a struggling economy.

Full Article