One of the frustrations for chancellor Philip Hammond is the way that tax revenues do not appear to match the apparent increase in GDP, exacerbating problems in the public finances. In last week's Autumn Statement the 'eye-watering' increase in public sector debt was put down to 'a weaker economic outlook weighing on receipts from income taxes.' The Office for Budget Responsibility said that even before Brexit borrowing was rising 'thanks mostly to weak income tax receipts.'
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