Skip to content
Monday 10 August 2026London --:--Frankfurt --:--Zurich --:--
NewslettersSearchEN · DE
MorningWire

European business, markets and politics

FTSE 100
10,867.15
-0.31%
DAX
26,402.30
+0.31%
CAC 40
8,716.49
+0.02%
STOXX 50
6,548.83
+0.38%
  • Europe
  • Markets
  • Business
  • Economy
  • Technology
  • Politics
  • Opinion
More
GermanyFranceBankingAIEnergyFintechPropertyCapital Markets
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Economy
  • Technology
  • Politics
  • Opinion
  • DE
Tuesday 15 August 2023 6:00 am  |  Updated:  Monday 14 August 2023 8:51 pm

Taxpayers shell out record amount on government spending

By: Jessica Frank-Keyes

Political Reporter

Add as a preferred source on Google
HM Revenue & Customs (HMRC) continues to update its guidance on the taxation of crypto assets.
British taxpayers spent a record amount this year funding government spending, a top think tank has warned.

British taxpayers spent a record amount this year funding government spending, a top think tank has calculated.

Workers have spent more than 60 per cent of 2023 with their incomes going towards paying off the government’s spending and borrowing, according to the Adam Smith Institute (ASI).

Today, August 15, marks, what it has dubbed as ‘Cost of Government Day’ – from which point the average taxpayers get to keep their income solely for themselves until the end of the year.

But at 227 days into 2023, this year’s is the latest date on record, even when compared to spending during the Covid-19 pandemic, the ASI said.

Research director Maxwell Marlow warned: “This is an unsustainable situation, especially as poor private sector investment continues to cripple the long-run health of the economy.”

Last year’s cost of government day came a month earlier on July 10, 2022.

Over £901.8bn was paid to HMT from employees’ wage packets this year, which amounted to 46.25 per cent of net national income, ASI figures claimed.

“We need urgent fiscal reform,” Marlow said. “Taxes must be cut, regulations must be slashed, and we must free-up our sclerotic planning system to allow for growth and extensive housebuilding to give young people a fairer chance.”

The government has been approached for comment.

Read more

UK debt ‘hits £3 trillion’ milestone

Houses of Parliament in Westminster showcasing historic architecture under a clear sky, central to UK government and politics

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • News

Categories

  • Politics

Related Topics

  • investment
  • Tax
  • Treasury
  • UK Government

Trending Articles

  • Back to basics: Sainsbury’s gradual retreat from the British high street

  • Thames Water faces fresh threat to survival after pensions regulation breach

  • Hargreaves Lansdown orders staff back to office

  • FTSE 100 Live: Stocks drop as US-Iran peace stalls; Oil climbs higher

  • PwC’s Embankment HQ to get major makeover ahead of Canary Wharf move

More from Morning Wire

  • UK debt ‘hits £3 trillion’ milestone

    Economics
    Houses of Parliament in Westminster showcasing historic architecture under a clear sky, central to UK government and politics
  • Andy Burnham is on course to rack up the second highest debt interest bill on record

    Opinion
    UK National Debt Clock showing £3 trillion, with Big Ben and the Union Jack in the background.
  • Pension pressure to help swell UK debt to three times size of economy

    Economics
    Two older women exercising at an outdoor gym in sunshine
  • From Mongolian camels to Tibetan verbs: the absurdity Ed Miliband’s aid spending plans

    Opinion
    Ed Miliband speaking at a podium during a press conference, addressing energy policy reforms and climate change initiatives.
  • Nearly 1m people to pay higher tax ‘by stealth’

    Economics
    Tax Trap: Another 74,000 taxpayers were added to the punitive £100,000-£125,000 income bracket during the 2024/25 tax year
  • ‘Moron premium’ – Westminster turmoil has ‘cost taxpayers £35bn’ since 2022

    Politics
    Westminster Houses of Parliament under clear sky, iconic London landmark representing UK government and politics
  • Scotland’s tax hike may have backfired as receipt falls

    Economics
    Andy Burnham and John Swinney shaking hands, both wearing dark suits and ties, in a professional setting.
  • Andy Burnham will find there is a limit to tax rises

    Opinion
    At its core, an ISA is a "tax wrapper," a protective shell that shields your money from income tax and capital gains tax.
MorningWire

Independent European business, markets and political news for decision-makers.

Morning Briefing

Europe

  • Germany
  • France
  • Europe
  • UK & Ireland

Business

  • Markets
  • Banking
  • Technology
  • Energy
  • Property
  • Fintech

Editorial

  • Opinion
  • Editorial Policy
  • Corrections
  • Contact

Company

  • About Morning Wire
  • Privacy Policy
  • Terms of Use
  • Cookie Policy
© 2026 Morning Wire Ltd · Published by Morning Wire Media, Bahnhofstrasse 65, 8001 Zürich, Switzerland
Privacy · Terms · Cookies · Facebook