Think tank hails 'tax freedom day'
'Tax Freedom Day' has fallen three days later this year than in 2004, according to the Adam Smith Institute.
The think tank's president Dr Madsen Pirie declared: "Until today (31 May) every penny earned by the average Brit has gone to the Chancellor."
Tax Freedom Day is calculated for the ASI by Lombard Street Research, by "comparing general government tax revenue with the net national income (NNI)".
The ASI says: "The total of all government tax revenue - direct and indirect taxes, local taxes and national insurance contributions - is calculated as a percentage of NNI at market prices.