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Future large tax rises inevitable

  john bunyan 16:44 03 Apr 2020
Answered

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taxes

Clearly preserving lives and helping businesses and individuals is paramount at the moment . However, if an when things return to “normal” , big tax rises are inevitable across the board.

  Gordon Freeman 12:07 06 Apr 2020

Also, think about all those cups of coffee not being consumed in the coffee shops.

Maybe, while in dreamland, you could also spare a thought for those businesses who might go, or have gone, under, staff losing their jobs, etc., etc., & the impacts of that?

  john bunyan 12:20 06 Apr 2020

The future taxes will be needed in a major part to pay the huge increase in interest we will have to pay on our National Debt due to extra borrowing for Coronavirus measures . This was £48 billion in 2019 and I guess that will go UP by at least £30 billion so ring fencing is only applicable to a proportion of the extra taxes. See the National part of this link :

Debt stats

This crisis is a disaster for so many businesses and people and no time to joke about coffee.

  iscanut 11:24 07 Apr 2020

I am not joking or in dreamland. I am fully aware of the serious situation and merely made the point that a lot of money was not being spent on coffees and as the amounts may be small to each other, the total amount must be considerable. When did I say I was joing ?

  john bunyan 12:25 07 Apr 2020

iscanut

Sorry if I misinterpreted you. You mentioned being in dreamland so I maybe wrongly associated that with the coffee remark. I think we can agree that very many people and businesses are and will continue to be very severely impacted by this virus; that we have no choice but to borrow hugely at the moment, and that in the medium to long term taxes will have to rise across the board to pay for higher interest charges AND the NHS etc.

  Forum Editor 17:28 07 Apr 2020

I would hazard a guess that higher taxes at some point in the future is the last thing on most peoples' minds at the moment - all of us would probably prefer to concentrate on actually being around to pay those taxes.

  john bunyan 17:54 07 Apr 2020

FE

I agree of course. However there may well come a time when the economic issue affects Government policy on the handling of the coronavirus issue. Already there is talk of balancing the risk of a return to school against the long term harm. Other policies may be affected. I understand that there are strong discussions between the Treasury and Dept of Health on this very issue.

  Forum Editor 18:07 07 Apr 2020

There will almost certainly come a point where a calculated risk is going to be necessary. There's no such thing as a risk-free world, but this decision will be far from easy.

Mathematicians will be involved, as will virologists and between them they'll come up with a proposition for us all to think about. The government may have the power to compel us to stay away from each other, but it doesn't have the same power to tell us to do the opposite - to crowd back together on buses, trains. planes etc. It can only advise us.

The decision is one that each of us will have to take for ourselves. There will be various pressures of course, but the fear that has been instilled in us by this virus is going to take some time to fade, I feel.

  john bunyan 19:54 07 Apr 2020

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