I know I'm a tad previous but, when the dust has settled & everything goes back to relative normality, who's going to pick up the tab?

Presumably we will be in for another ten years of "austerity" with the Government citing Covid-19 Ad infinitum.

But ultimately the final bill is going to be colossal, only yesterday they wiped off £13bn of N.H.S. debt, God only knows how much it's going to cost to pay shed loads people to sit on their @rses month after month, never mind the lost revenue from tax etc.

So what should be done, personally I would suggest a 2p rise in income tax to start the ball rolling.

Any suggestions?

Add a further tax limit above 40% for the highest earners. This will enable football players and businesses leaders to contribute to the costs.
This is not likely therefore probably increase VAT and add further new taxes like they did with sugar and plastic bags.

This shows how hard of thinking you are, do you think any premiership footballer pays tax in the UK...

Quote: "This shows how hard of thinking you are, do you think any premiership footballer pays tax in the UK...'" I had a little look around. https://www.mirror.co.uk/sport/football ... id-5991822 https://www.itv.com/news/2019-01-21/rec ... avoidance/ In terms of who pays, when we pay is just as important. Taking demand out of a struggling economy with tax rises mightn’t be sensible in the short-term. I’d suggest, fwiw, we bring forward increases to the retirement age and introduce a wealth tax.

Quote: "This shows how hard of thinking you are, do you think any premiership footballer pays tax in the UK...'" I had a little look around. https://www.mirror.co.uk/sport/football ... id-5991822 https://www.itv.com/news/2019-01-21/rec ... avoidance/ In terms of who pays, when we pay is just as important. Taking demand out of a struggling economy with tax rises mightn’t be sensible in the short-term. I’d suggest, fwiw, we bring forward increases to the retirement age and introduce a wealth tax.

Well we know whose not gonna pay don’t we

Tory tax dodgers.

Start with Amazon, Costa coffee etc paying their dues for the last ten years.

We’re all in n it together lol

You would first need to make sure that they were paying their taxes in this country and not "investing" in some off shore tax avoidance scheme.
Most of the seriously wealthy employ very clever accountants and advisers to help reduce their tax burden to peanuts.

Increasing vat seems sensible but, everyone gets hit with a vat rise.

Tax relief on pension contributions and mansion tax are the two increases already being considered by h Tories (to cover their election spending pledges).
However, with the scale of public spending going into orbit, this just wont be enough to cove the shortfall, especially when you consider the HUGE drop in tax receipts due to most businesses beginning to struggle.

I fully understand the need to try and get the virus under control as quickly as possible but, right now, there is no exit strategy.

The one plus side is that most people will get used to spending less than before and maybe certain habits will change but, this will take several years to "make right", even if things start to improve towards the end of the year.

The high street will have gone completely.

VAT increase would be very regressive but easy to implement and everyone contributes. CT will be well down as will VAT receipts so they need us to get spending again and soon. They will need to be change to global CT in that profits earned in a country are taxed in that country and transfer pricing mechanisms are better controlled i.e. distribution of centralised costs are in line with revenues etc.

A temporary hike in IT will be a definite as will reduction in pension benefits for those at the 40% - problem will be the inability of people to pay their mortgages with less net income.

Cancel HS2 some money to be saved there

Did I read today a 1% tax increase raises 4.2 billion per year which doesn't even scratch the surface of the bill facing us.

VAT is an easier tax to collect.

I expect they will put up basic rate of income tax too. They can do it now, by 2p or so, with a plan to cutting it back down in 2024 in a pre-election giveaway, and challenge Starmer to match their proposed tax cuts.

Taxation right not wont work, business collects VAT, business aren't selling. Income Tax is collected via PAYE, business and individuals are not paying PAYE, by and large the government are, via Furlough. Times will get hard, increasing taxes on the limited income of the majority will lead to unrest.

Now is not the time to be applying any mechanism to repay the monies, but it is to be hoped that the mechaniam is being planned and an idea of a suitable economic landscape in which it can gradually be implemented is being pictured.

People will start spending as soon as the floodgates open - they will not being on holiday so they will have additional monies to blow - if they have a job

You would hope for this effect but also if households have been running down their savings and businesses running down reserves during the shutdown they may have a more risk-averse attitude so consumption and investment will fall, especially as future expectations will be more negative - even those in jobs will be more fearful of their job security and businesses may anticipate future falls in demand. Remember there is potentially no deal Brexit at the end of the year and all the associated additional costs that will come from that.

I'm guessing you're one of those who think we'll just return to how it was before?

I think the UK, and the world for that matter, will be a very different place post COVID-19. If anything, I think people will become more thrifty, and more inclined to save than spend, ready for the next global disaster, whatever form it takes.