Tax and Fiscal Policy

No need for tax hikes after BoE forecasts economic ‘bounce back’

Julian Jessop quoted in the Daily Express

The Bank of England has forecasted that Britain will see an economic “bounce back” after the Bank voted to hold base interest rate level at 0.1 per cent. Experts predict the UK will see GDP rise sharply in the second quarter of 2021 after the nation’s successful vaccine roll-out.

Julian Jessop, IEA Economics Fellow, commented on the story in the Daily Express, urging the Chancellor to listen to the good news and abandon tax rises.

Julian said: “Officials can stop casting around for even more ways to increase the tax burden. A booming economy will do the job of repairing the public finances for them“.

Read the full article here.