The Adam Smith Institute (ASI) has released calculations revealing the length of time people work to pay off their tax bill. Britons have worked for a full 5 months this year to pay their taxes, with every penny earned in the UK between 1st January and 29th May going to the taxman.

This means that Tax Freedom Day, the day when people stop working for the government and start making cash for themselves, came on 30th May in 2011 – 3 days later than in 2010. The main reason for this is that the government has raised VAT, in order to help reduce the UK’s record budget deficit.

New calculations by the ASI also reveal that to pay off the UK's national debt, income taxpayers would need to work for nearly a year and a half (525 days) - with their entire wage packet going to the government, and not a penny being spent on public services.