L

Lord in Waiting/Government Whip (Lord Wilson of Sedgefield) (Lab)

Speaking in the House of Lords on 15 September 2026

Debate

Tax Burden and Economic Growth

Contribution

Our tax system is very supportive of economic growth. Our tax-to-GDP ratio is in the middle of the pack of the G7, and we have the lowest headline rate of corporation tax in the G7. The UK economy saw the fastest growth in the first half of this year, and the IMF expects the UK to remain the fastest-growing European G7 economy in 2026-27. According to the IMF, this year, for the first time since 2004, we are forecast to be borrowing less than the rest of the G7 on average. Despite the headwinds from the war in the Middle East, there is a lot to be optimistic about.

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