Tax freedom day later than ever

This year, June 3rd is ‘tax freedom day’, meaning the rest of the year’s earnings at last go into the worker’s pocket.

As a result, the think-tank warns that mounting taxes could start affecting jobs and taxation levels could influence both people’s current ability to repay debt and their future financial security.

The institute claims that taxation is at 42 per cent, the highest for nearly 20 years and raises fears that Britons will work more for the taxman than themselves.

With rising debt levels, the increasing burden of taxes means that people have less income to spend on paying off debts and instead will have to spend longer borrowing and paying interest.