Could Paying for Covid could help rebuild a better Britain?

The key challenge is simply how and who pays for the enormous national debt incurred though supporting the retail and service sectors and financing the burden that has been put on the NHS and Education sectors as well as the cost of vaccinating of an entire population, coupled with the problems caused by the consequences of the measures used to control the virus, specifically the devastation of the independent retail and service sectors of the economy, which will be need to be supported by future policy if it is to play it‚’s part in rebuilding the finances of the UK and help to repay the immense cost of the pandemic. However, the inevitable tax increases are a great opportunity to rebalance the economy and encourage sustainable living, by implementing taxes and policies to rebalance the tax burden, it should be possible to realize greater tax revenues, whilst moving towards a more sustainable economy and rebuilding the retail and service sector. The main aim would be to equalize the cost base for the on-line and conventional retail environments and simplify the process of collecting VAT and other taxes from online platforms For personal taxation, some have lost their livelihoods altogether, while others have been able to save money with salaries paid by furlough and reduced opportunities to spend the money, so an increase in income tax would not only be unfair, but also ineffective, as it would also be reliant on the hardest hit businesses rebuilding and re-employing the hardest hit people only to be hit again by higher taxes. Businesses also fall into two camps, those that have seen demand and profits soar and others suffering greatly or collapsing. So a general increase in business taxes seems equally unfair and is likely to be equally ineffective, in the short term




%d bloggers like this: