The TaxPayers' Alliance (TPA) renews its call for the Government to abandon the proposed Sugar Tax, as new research reveals the damaging impact that this pernicious tax could have on the economy.
Our research looks at the effect that the tax in Mexico had on jobs and economic output. If the Sugar Tax has the same impact on the UK economy, then it would deliver a huge blow to growth and employment.
Key findings of this paper include:
- If the Sugar Tax has the same effect on jobs in the UK as it did in Mexico, there will be 5,624 fewer jobs
- This is equivalent to £90,622,346 in average industry and related sector pay
- This would lead to the Treasury receiving £17,399,370 less in job-related taxes, including:
- £11,188,648 of Employee’s National Insurance contributions and Income Tax
- £6,210,723 of Employer’s National Insurance contributions
Jonathan Isaby, Chief Executive of the TaxPayers' Alliance, said:
"Not only will the Sugar Tax fail in its public health aims, there is a very real risk that it will destroy jobs and harm economic growth. Given it will also hit the poorest households the hardest, the already flimsy case for a Sugar Tax is rapidly dissolving. The government should be focusing on policies which encourage economic growth, so the Sugar Tax should be immediately scrapped."
TPA spokesmen are available for live and pre-recorded broadcast interviews via 07795 084 113 (no texts)
4:04 PM 26, Jun 2017 Jan Zeber
3:42 PM 26, Jun 2017 The TaxPayers...
3:35 PM 26, Jun 2017 The TaxPayers...
3:31 PM 26, Jun 2017 The TaxPayers...
12:46 PM 26, Jun 2017 Harry Davis
1:00 AM 21, Jun 2017 Alex Wild