Raising tax is always politically difficult. But Britain can no longer afford a delay. The proximate cause is a shortfall in the public finances. Likely downgrades to productivity forecasts, spending commitments already announced and a change in the accounting treatment of student loans all mean the government will need to raise funds to meet its fiscal rule of balancing day-to-day spending by 2023. Truly “ending austerity” and reversing the cuts of recent years will cost even more.
Well, yes. Except the tax burden (percentage of GDP that goes in tax) is already at record highs. The shortfall is because they’re pissing away what they do collect.