| Summary/Abstract |
GOVERNMENTS across the developed world still face acute fiscal difficulties. Even where, as in Britain, there has been a return to sustained moderate economic growth, the recovery has not produced a comparable rise in tax revenue. Despite the rise in employment in the British economy since 2011, tax receipts from income tax have fallen substantially. A recovery in significant part based on part-time jobs and self-employment has not, and cannot, repair Britain's fiscal hole, particularly since the Coalition government has raised the tax-free allowance on income. Internationally governments have made little progress on cooperative measures to address the revenue lost to tax havens and aggressive tax avoidance.
|