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UK could lose two million workers if taxes keep rising, OBR warns
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NEWSDECK ANALYSIS
The Office for Budget Responsibility (OBR) is an independent body that provides economic forecasts to the UK government, making its warnings on the potential impact of tax rises significant for policymakers. Fiscal drag, which occurs when rising incomes push people into higher tax brackets without a corresponding increase in their take-home pay, can reduce the incentive to work and may have unintended consequences on the labour market. The potential loss of two million workers would have substantial implications for the UK's economy and public finances.
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Independent Business
UK could lose two million workers if taxes keep rising, OBR warns
Effects of ‘fiscal drag’ could cut incentive to work
8 Jul, 14:21
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