Coronavirus: Taxes will rise in UK to pay for virus , IFS think tank warns

Sun Online Desk

10th July, 2020 11:31:11 printer

Coronavirus: Taxes will rise in UK to pay for virus , IFS think tank warns

 

Taxpayers face a day of reckoning when the government's massive coronavirus support measures have to be paid off, experts warn.

The Institute of Fiscal Studies think tank says the economy will remain in a "support and recovery" phase for some time, but higher taxes are inevitable.

On Wednesday, the chancellor unveiled another £30bn of support, bringing the total cost to £190bn, BBC reported.

But it was revealed the UK's tax authority queried its value for money.

Wednesday's additional spending announced by Mr Sunak is worth nearly £3,000 for every person in the UK - and more than the entire planned health budget for 2020-21.

It also means that the cost of the crisis so far has risen by more than 40% since last month, when the government's spending watchdog, the Office for Budget Responsibility, estimated it at £133bn.

 


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