Is now the time to raise taxes? Probably not - the economy is still weak and the recovery only just starting. But that time will likely come. Even before COVID-19 there were pressures for higher UK taxes to deal with the public finance pressures of an aging society. And there are parts of the tax system where some taxpayers seem to be treated more generously than others. Now there will also likely be demands for a larger state that provides more services and a role for tax in managing down the elevated public debt and any enduring increase in the budget deficit.
What should the government do? Are tax increases inevitable? If so which taxes offer the best potential for revenue raising without choking off economic growth? Should the government simply raise rates or should they be looking at major structural reforms to the tax system? Where does public opinion stand on tax rises?
Financial Secretary to the Treasury Jesse Norman will be joined by Peter Rayney (Deputy President, Chartered Institute of Taxation), Helen Miller (Deputy Director, IFS), and Deborah Mattinson (Founding Partner, BritainThinks) to explore these and other questions in this highly topical debate at the Conservative Party Conference. This event will be chaired by David Smith (Economics Editor, Sunday Times).
This event will be held online and will be free to watch. Register to watch by clicking here.