Here, we hear managing director Boyd Parker of leading UK marketing consultancy Pantheon UK review why this might be the case: 'There are a number of theories as to why tax revenue in the UK isn't growing at the same rate as spending and employment. One of these is that things have simply been miscalculated – it is still only a couple of months in to the new tax year and at this point a lot of things are reported based on estimates and best guesses. It may well be that things are better in tax terms than they are being reported, for reasons that will become clearer later in the year.' began Boyd Parker, managing director of Pantheon UK.
'There is also some question as to whether the issue is caused by top earners becoming more adept at managing their money. The top 1% of earners in the UK actually account for something like 30% of income tax, and this means that should they change the way they control their finances and collectively find ways to pay less tax legitimately, this will have an impact on the tax revenue the government gets, and quite a substantial one.' he continued.
'The other factor could be what is known as the grey economy – people working cash in hand and off the books. There has been reportedly a very big rise in this during the recession, as more people became self employed and not all of them registered and paid the right amount of tax. It is possible that the money from the grey economy could be powering the increase in spending in the UK but not contributing as much to the government's coffers.' Boyd Parker of Pantheon concluded.
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