Chart of the week: Britain’s tax burden
When it comes to taxation, our approach resembles our geography: we are somewhere between Europe and the US, and this chart shows.
When it comes to taxation, our approach resembles our geography: we are somewhere between Europe and the US. The UK has the 22nd-highest tax-to-GDP ratio out of 80 countries, according to data from the OECD, an association of developed countries. In 2016, total tax revenues in the UK came to 33.2% of GDP; the range was 10.8% to 45.9%.
This means the UK had a higher tax burden than the United States, Australia and Canada. Many European countries' ratios eclipse ours, led by Denmark (45.9%), France (45.3%) and Belgium (44.2%). Taxes on income and profits make up 11.9% of our GDP. Levies on goods and services comprise 10.7%, national insurance 6.3% and taxes on property 4.2%.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Six investment funds for beginners
Beginner investors can use funds to start building their portfolio, making it easy to access global trends while managing their risk level. Here’s six funds that beginner investors can consider.
-
Farming isn't for the faint-hearted – and isn't profitable
Opinion Farming may look appealing, but turning a profit is extremely hard. No wonder many farmers are attracted to the Sustainable Farming Incentive, says Max King