HIGHLIGHT: When and how to raise taxes?
**This is a rerun from September 2020. The government announced some tax increases in Budget 2021. We discuss those here: https://ifs.org.uk/budget-2021**
The financial support given to individuals and businesses and the costs of managing the pandemic have left us with the biggest peacetime deficit in British history.
As the economy reopens, and the coronavirus begins to have less of a hold on our lives, the government will need to start thinking about how to return the deficit to a more sustainable level.
Many have suggested that the Chancellor might think about raising taxes in the near future to tackle this deficit.
In this episode, recorded last autumn, our resident tax expert, Helen Miller, helps pick apart the options for raising taxes - and whether they are effective.
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