GDP rose by 0.3 per cent in the first quarter of the year, instead of the 0.1 per cent the Office for National Statistics (ONS) initially estimated.
Although the estimate for the second quarter of the year was unchanged at 0.2 per cent, the numbers represent a rare piece of good news for ministers.
They will also fuel Tory demands for early tax cuts, after a grim IFS report showed the burden has been rising faster in this Parliament than any other.
The ONS has already dramatically upgraded the bounceback from Covid, turning it from one of the worst in the G7 to one of the best.
Overall GDP is 1.8 per cent higher than before the pandemic, rather than the 0.2 per cent previously detected.
GDP rose by 0.3 per cent in the first quarter of the year, instead of the 0.1 per cent the Office for National Statistics ( ONS ) initially estimated
The numbers will fuel Tory demands for Chancellor Jeremy Hunt to bring in early tax cuts, after a grim IFS report showed the burden has been rising faster in this Parliament than any other
ONS chief economist Grant Fitzner said: ‘Our new estimates indicate a stronger performance for professional and scientific businesses due to improved data sources.
‘Meanwhile, healthcare grew less because of new near real-time information showing the cost of delivering services.’
The IFS report found that taxpayers are facing a bill of £114billion in what is on course to become the biggest tax-raising Parliament on record.
By next year’s election, the Government will be raising the huge extra sum – which amounts to £3,500 per household – over and above what it would have received had the tax burden stayed at 2019 levels, analysis by the Institute for Fiscal Studies (IFS) shows.
Ben Zaranko, senior research fellow at the IFS, said: ‘It is likely that this Parliament will mark a decisive and permanent shift to a higher tax economy.’
Stealth taxes – where households are dragged into higher bands – and a big increase in corporation tax are among the key policies being blamed.
By next year’s election the Government will be raising £3,500 per household in the largest tax-raising parliament on record
Source: | This article originally belongs to Dailymail.co.uk
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