Who is going to pay for Covid-19?

Taxpayers. Extra vat on some non food products I think everything will go up in price to recoup some money bus fares. Taxis , beers , holidays, etc
 
Taxes, but maybe this time, having learnt how much damage austerity caused last time, we do what every sensible growing economy does, and grow our way out of debt as well.
 
Surely a 1% increase in income tax would be understood by everyone? Better than hiding behind the other sneak taxes.

I'm also sure consideration will be given to pensioner funding methods. Triple lock going would save a few billions.
 
3% wealth tax on all assets over £100,000. Interest free loans repayable on the sale or inheritance of such assets where liquidity is not sufficient to meet the costs of the payment so that the burden is moved from the government to the asset holder. Finally a fairer tax system such as prevailed throughout the western world until the 1980s. In the 1950s entrepreneurial did not stagnate despite much higher tax rates than exist today.
 
Things will be better next year once we no longer have to pay EU tariffs on numerous goods from beyond the EU. In the short term we will get clobbered with taxes.

It could have been much worse without Boris at the helm believe me.
 
Maybe we pay for it by a little bit of everything. Slightly higher taxes and a little bit of fiscal housekeeping, but not too much of those so it supresses the economy and growth. A bit more borrowing. And finally encouragement of growth by spending on infrastructure.
It's going to be a very difficult, fine balancing act. I bet Rishi Sunak is wondering what he's got himself in to. He's only been Chancellor five minutes.
 
catinstalbans said:
3% wealth tax on all assets over £100,000. Interest free loans repayable on the sale or inheritance of such assets where liquidity is not sufficient to meet the costs of the payment so that the burden is moved from the government to the asset holder. Finally a fairer tax system such as prevailed throughout the western world until the 1980s. In the 1950s entrepreneurial did not stagnate despite much higher tax rates than exist today.
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as the average house price is £231,000 in the UK, your tax is going to hit a lot of ordinary people very hard. Is your 3% a one off or yearly?
 
Complete reform of the tax system. push up tax rates for un-earned income, maintain or even reduce tax on earned income. More working people spending helps the economy. Capital gains tax on productive investment (production, services etc) to be reduced, tax on non productive investment (assets) substantially increased. Again this focuses investment where it is needed, creating actual jobs, which increases spending power in general. Also remove the cross pricing benefits. Global companies pay tax on what they make in each country. I would also add in an infrastructure tax for all internet based retailers, and limit all internet retailers who claim they are warehousing and supply businesses to exactly that definition of their business.
 
Seasider1887 said:
Things will be better next year once we no longer have to pay EU tariffs on numerous goods from beyond the EU. In the short term we will get clobbered with taxes.

It could have been much worse without Boris at the helm believe me.
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And the tariffs on everything to and from the EU? That EU who is our biggest trading partner?
 
One thing I do know is it won't be Richard Branson. Like most businesses he will play the 'we were hit hard' card, some with justification. That means an increase in both direct and indirect taxation for us all individuals rather than business.

Here's the problem. If the PM survives all this (no pun intended) then this Govt. will put the brunt of that on lower earners (sub 50k) and as we all know indirect taxation hits those who have to spend the highest proportion of their disposable income on necessities more than anyone else.

This will be a time for a moderate Labour govt. to take control. I say that as a Left of Left person.
 
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Poolcat1 said:
as the average house price is £231,000 in the UK, your tax is going to hit a lot of ordinary people very hard. Is your 3% a one off or yearly?
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One off. I read an economist that stated that alongside the other tax changes suggested this would raise all the money required without the need for additional austerity cuts which have harmed the poorest in society to a far greater extent. I would expect to pay a little more in tax in the future but would rather that than further cuts to public services. As I stated the burden for those with assets locked in would be paid on the sale or transfer of those assets rather than an immediate financial burden which would make it manageable with planning on the vast majority of cases. It was quite a while ago and I could not remember the source, unfortunately.
 
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