Today, 29th May, is 2012's 'Tax Freedom Day' - the day on which the average Briton stops working for the Chancellor and starts earning money for themselves. So, 149 days are worked just to pay taxes on average.
Last year TFD fell on the 28th May, but this year it has taken an additional two days to arrive (we are in a leap year!).
The Adam Smith Institute, responsible for putting together these figures, claims the reasons for the later arrival this year are due to:
- VAT Increases
- Double-dip recession
- Higher taxes/duties