Tax receipts rose by £28.5 billion to £710 billion in 2018, equivalent to 33.5 per cent of GDP

Britain collected more than £700 billion in tax for the first time last year as the overall burden reached its highest level since 1988, according to figures from the Organisation for Economic Co-operation and Development.

Tax receipts rose by £28.5 billion to £710 billion in 2018, equivalent to 33.5 per cent of GDP.

The last time that taxes accounted for a higher share of national income was 31 years ago when Margaret Thatcher was prime minister, according to OECD data.

Boris Johnson has pledged a tax-cutting budget if he is re-elected, but, on present manifesto plans, the burden is set to increase under both a Conservative and a Labour government. Labour’s plan to raise £83 billion would take tax receipts to levels not seen since