The tax burden is forecast to peak in 2024-25, at its highest level since 1948

Taxes as a percentage of GDP

Outturn

March 2020 forecast

March 2022 forecast

November 2022 forecast

38% of GDP

Projection

36

34

32

30

28

26

1950

1960

1970

1980

1990

2000

2010

2020

Outturn

March 2020 forecast

March 2022 forecast

November 2022 forecast

38% of GDP

Projection

36

34

32

30

28

26

1950

1960

1970

1980

1990

2000

2010

2020

Guardian graphic. Source: OBR. Economic and fiscal outlook, November 2022