George Bull, senior tax partner at accountants RSM, questioned whether the economy could cope with the hike in taxation that Labour envisaged.
‘At the heart of the Labour Party manifesto is the gamble that the top 5% of British taxpayers and larger companies can and will pay an extra £48.6bn per year without undermining the economic health of the nation.
‘The Labour Party is hoping that, even though it plans to increase tax by around 7% of GDP, it can bring about economic growth, social justice and a better life for all. For these taxpayers, Tax Freedom Day will be postponed to October!’ he said in reference to the point in the year when an individual effectively stops paying tax to the governmen
