Tax: Let me tell you how it would be
Whoever wins the next election, taxes are likely to go up.
To finance the many costly promises in its manifesto the Labour Party would need to increase taxes significantly.
It has promised a steep rise in corporation tax and a higher rate of income tax for those earning more than 80,000 pounds ($104,000) a year.
The Liberal Democrats want to add one percentage point to each band of income tax to pay for extra spending on health care.
The Conservatives, by contrast, like to portray themselves as the party of low taxes.
On the campaign trail Theresa May has talked of her low-tax “instinct”.
But she has left the door open to higher taxes, in contrast to her party's promise in 2015 not to increase income tax, VAT or national insurance contributions (a payroll tax which Philip Hammond, the chancellor of the exchequer, is keen to raise).
Regardless of the parties' manifestos, a look at Britain's accounts makes one thing clear: whoever wins on June 8th and whatever promises they make now, in the coming years the tax burden is likely to rise to its highest level in decades.
When the Conservatives came to power in coalition with the Lib Dems in 2010, the government was running a budget deficit worth 10% of GDP.
As ministers went about reducing the deficit in the parliament of 2010-15, most of the adjustment was borne by cuts to public spending rather than by tax rises.
A number of departments, such as health, education and international development, have been largely spare the axe.
But others, such as work-and-pensions and transport, saw real terms cuts off more than a third in 2010-16.
Real spending on public services has fallen by 10% since 2009-10, the longest and biggest fall in spending on record.
This brought the budget deficit down to 4% of GDP in 2015-16.
1.go up 提高
例句:I was going to get out of the building in case it went up.
2.budget deficit 预算赤字
例句:They're ready to cut the federal budget deficit for the next fiscal year.
3.came to power 执政
例句:The country's economy has been in a state of decline ever since this government came to power.
4.income tax 税收
例句:I wouldn't be in favour of income tax cuts.