Neil MacGillivray: The post-pandemic financial malaise

Who pays?

clock • 3 min read

With the country’s people and economy already feeling the pain of the covid-19 pandemic, Neil MacGillivray warns of the further pain set to follow, when we have to foot the financial bill…

The Office of Budget Responsibility estimates the costs of a three-month lockdown to fund the likes of the Coronavirus Job Retention Scheme, Self-Employment Income Support Scheme, business grants and tax deferral schemes will increase government borrowing for this year by £273bn. To put that into some sort of perspective, the total raised in taxes in 2018/19 was in the region of £620bn and current National Debt is, give or take a pound or two, £1.84trn. If we go back 15 years National Debt was a mere £0.5trn. In terms of Gross Domestic Product (GDP), the National Debt in 2005 was abou...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

Alternative IHT/pensions strategies outlined as HMRC consultation closes

Alternative IHT/pensions strategies outlined as HMRC consultation closes

Ideas put forward by industry experts in post-Budget technical consultation

Jenna Brown
clock 22 January 2025 • 6 min read
'Christmas has come early for the government' – IHT receipts rise

'Christmas has come early for the government' – IHT receipts rise

Budget tax changes and rising take highlight advice value, experts say

Jen Frost
clock 20 December 2024 • 2 min read
No more IHT relief on pensions: How to maximise alternative tax-efficient vehicles

No more IHT relief on pensions: How to maximise alternative tax-efficient vehicles

In the light of the government’s latest Budget

Jordan Wheatley
clock 19 December 2024 • 5 min read