by Allister Heath
We are meant to be getting richer as a nation and yet many people feel that they are standing still. There are several reasons for that. One is taxation: it seems to be growing faster than the economy overall, reducing the share of the pie that people can spend as they wish.
The Adam Smith Institute (ASI) has developed a brilliant device to illustrate exactly how much of our hard-earned national output we are forced to hand over to the politicians for them to spend as they see hit. Their annual Tax Freedom Day marks the day of the year when Britons stop working to pay their taxes and start earning for themselves, rather than the taxman.
The good news is that it’s today; the bad news is that Tax Freedom day 2016 falls four days later than in 2015.