Spending cuts are unlikely to be enough to restore the public finances and households ought instead to pay significantly more tax, according to the National Institute of Economic and Social Research. This could include a 7 percentage point increase in the basic rate of income tax to 27 per cent, pushing up the average household bill by £1,844 a year.
The only problem with this report is that this is what they always say.
Taxes should rise because there\’s no way that public spending can be cut. Each and every penny of the roughly £600 billion sprayed around each year is absolutely vital so soak the bastards more.
They\’re talking about raising £30 billion more with these taxes. You can identify £30 billion of spending cuts* in about 45 seconds: the only reason they\’re not being identified is because no one is really trying.
(* EU, regional development agencies, regional assemblies, Arts Council, all and every piece of business subsidy including the Business Department….)