The pandemic has only sharpened these concerns. The past nine months have involved the provision of vital support, and not a little waste, piling up an additional £400bn pounds of borrowing. Despite this, many people have lost their jobs and some companies have closed, as the extended economic deep freeze takes its toll. With this backdrop, raising taxes on incomes or spending in the near future looks like a tough ask.
With this in mind the Wealth Tax Commission, of which I was a commissioner, reported last month on how the government could square the circle. We proposed a one-off wealth tax, to be brought in only when government determined it needed the revenue, that would postpone the need for economically damaging rises in income tax or national insurance rates.