Rumours are circulating that  Treasury officials are contemplating major tax rises to restore stability to the public finances if the economy does not recover quickly form the pandemic. Chancellor Rishi Sunak is thought to have been considering hikes to corporation tax and a possible levy on land to begin tackling the deficit as soon as possible.

Quoted by The Telegraph, commenting on the proposed tax-raid, Mark Littlewood, Director General of the Institute of Economic Affairs, argued: “After spending billions supporting businesses over the course of the pandemic, punishing them now with a tax hike would be illogical and counterproductive”.

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