UK may need big tax rises but not at the March 3 Budget announcement – Think tank

The UK Finance Minister Rishi Sunak need to announce big tax hikes to the tune of extra 60 billion pounds ($83 billion) in order to aid the COVID-19 hit to the public finances, the Institute for Fiscal Studies (IFS), Britain's leading independent microeconomic research institute, noted in its latest study.

However, the British think tank added that Sunak’s March 3 budget is too soon for such a move.

IFS Director Paul Johnson said: “For now, Mr. Sunak needs to focus on support and recovery. A reckoning in the form of big future tax rises is highly likely, but not as yet inevitable.”

more to come ...