Jim Pickard over at the FT's Westiminster blog shows just how tax revenues have plummeted against forecasts as the recession deepens,one of the major reasons for the worsening fiscal deficit.
Projections for 2009/10 are:
Income tax £140bn (against an estimate of £152bn in 08/09)
VAT £63.7bn (£78.4bn)
Capital gains tax £2.2bn (£7.8bn)
Stamp duties £5bn (£8bn)
Inheritance tax £2.3bn (£2.9bn)
Petroleum revenue tax £1.1bn (£2.6bn)
That is a gap of £33b against the forecast
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