One of the great difficulties interpreting published data is that we inevitably hear far more about our own economy than we ever hear about competing ones.  We are fed a stream of so-called facts by a parochial media that not only tells us little about overseas comparisons, but may also choose to filter the data it reports to support its political agenda.

An excellent source of comparable data is the OECD.  In one of its latest newsletters it provides information on both total and corporate taxes as a percentage of GDP. In OECD terms, the UK appears not to fair too badly - of 25 countries for which information on total tax takes is available, in 2007 our rate was 14th highest, but on corporate taxes, we were 9th of 29 nations.

Interestingly, there hasn't been a great change in our poition over time. In 1975 we ranked 9th of 25 on total taxes, and 9th of 24 on corporate taxes. And as one might expect the increased number of reporting countries over the past 32 years comprise former Eastern Bloc nations that encourage inward investment by offering low corporate tax rates.

The extent to which the state absorbs our GDP hasn't changed much either. In 1975, when personal tax rates were as high as 98%, total tax revenues were 35.2% of GDP.  That figure had only increased to 36.6% by 2007 - but the share contributed by business, rose from 2.2% to 4% of GDP.

Doubtless when the figures come out for 2008 and 2009 there'll be a marked downturn in the tax share from business.  And government debt as a proportion of GDP will have increased markedly from the 2006 level of 46.6% - but our national debt will probably still rank us 18th from the 28 reporting countries.

Maybe we're not quite so far out of line with our competitors as some might have us believe.