Once the Coronavirus threat is over, the UK Government will have to decide how it pays the bill which is expected to be as much as £337 billion and with even my limited knowledge of economics, when a countries economy starts to shrink they have two options to keep the coffers full, to raise tax to bring in more money or make cutbacks to reduce the amount they pay out.
The last time the British economy tanked this badly in 2008, the Government went for the cuts route and slashed at everything that was remotely slashable ushering in a decade of misery and despondency including in the NHS which was cut to the bone for which the repercussions are obvious now, the time when we really need it the most.
With very little left to cut, the tax raise option is the only one they really have open to them but the British tax system is so complicated with it's rate bands and personal allowance that it is not as easy as just putting a few pence on income tax.
As things stand if you earn under £12,500 then you don't pay any income tax at all, above that you pay tax at 20%, then 40% and then 45% depending on your income so there is some wiggle room there to increase the rate bands or tinker with the personal allowance so you start paying tax at a lower rate but that will hit the lower paid more than the higher earners.
Taxpayers who earn more and pay tax at the 40% and 45% rate are eligible for Charitable Donations Relief which reduces their tax bill if they make charitable donations although Charities would be concerned that scrapping this would hit the donations they receive.
History show that dead people catching a killer virus don't bounce back but we have had enough recessions to know that the economy always does so the best option would seem to be keep things as they are and just live with the debt and rather than try and bring it back in a few years, swallow it for a decade or more because after emerging from a long bout of austerity, whatever the Government does to pay the bill, it will hurt.
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