LONDON: The UK tax burden as a share of the economy is almost a fifth higher than the global average, which could stifle entrepreneurship and impede growth, a report claims.
Tax revenue adds up to 32.9pc of GDP, compared to the worldwide average of 27.8pc, according to the accountancy firm UHY Hacker Young.
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The UK’s tax level is several percentage points above those of Japan, Israel and Australia, and more than a quarter higher than the US’s 25.4pc.
The report warned that “higher taxes reduce incentives for investment and wealth creation” and could prompt larger businesses to seeking out lower tax bases for their operations.
