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. 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%.

Start your trial of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up