A protester holds a banner before an anti-Brexit demonstration, in central London, Britain October 20, 2018. REUTERS/Simon Dawson
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The black hole that is Brexit is now exerting its gravitational pull on the U.K. budget.Instead the British state will turn more European with higher levels of tax and spending.HammondIt is also partial because net public debt has soared since the financial crisis, from 35 percent of GDP in 2007-08 to 85 percent in the last financial year.The new political and budgetary battleground is the increasingly critical condition of Britain's public services following an almost decadelong funding squeeze.By harming Britain's main trading relationship it inflicts further economic costs. Already GDP is 2.5 percent smaller than if Britain had voted to remain in the 2016 referendum, according to the Centre for European Reform.On IMF figures, Britain currently raises 36.1 percent of GDP in revenues, higher than America's 31.7 percent but lower than Germany's 44.5 percent.The inconvenient truth is that as Britain leaves the EU, taxation will have to rise, shifting the British state closer towards the high-tax European model.
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