Higher taxes WILL come to pay for coronavirus, IFS finance chief warns

HIGHER taxes will come from 2022 to pay for the coronavirus crisis, top finance chiefs warned today.

Paul Johnson, Director of the Institute for Fiscal Studies think tank, predicted that tax rises would come "eventually" to pay back all the billions the Chancellor has borrowed to help Britain through the pandemic.

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At a post-budget briefing this morning he said that the focus for now would be on the economic recovery, rather than working out the finances.

But the chancellor admitted earlier that he did want to balance the books in the medium term.

Mr Johnson said earlier: "The time to pay for all this will come, but not this year and not next.

"The capacity will depend on how the economy recovers.

"Let's hold in the back of our minds…

"A reckoning in the form of higher taxes will come, eventually."

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