UK GDP is forecast to grow by 7.25% this year, as Covid-19 restrictions are lifted – the fastest growth since the Second World War, according to the Bank of England.
Reforms and increases to the tax base which could raise up to £55bn a year should be implemented as part of the upcoming Budget, according to a leading think tank.
The UK government might have to raise up to £60bn in taxes to offset Covid-19 expenses, though tax changes should be avoided in next month’s Budget, an economist has warned.
