The biggest tax giveaway budgets since 1970

Net reduction in permanent taxes, cash equivalent (2023-24 £bn)

Prime

minister:

£bn

-10

-20

-30

-40

-50

Truss

Johnson

2022

Kwasi Kwarteng's mini-budget sweeps away £41bn in tax revenue

May

Cameron

Brown

Blair

1988

Nigel Lawson cuts taxes by the equivalent of £34.1bn

Major

Thatcher

Callaghan

Wilson

Heath

1972

Anthony Barber cuts taxes by equivalent of £52bn, or 2% of GDP

Prime minister:

Johnson

Heath

Wilson

Callaghan

Thatcher

Major

Blair

Brown

Cameron

May

Truss

£bn

-10

-20

1988

Nigel Lawson cuts taxes by the equivalent of £34.1bn

2022

Kwasi Kwarteng's mini-budget sweeps away £41bn in tax revenue

-30

1972

Anthony Barber cuts taxes by equivalent of £52bn, or 2% of GDP

-40

-50