In this episode of the MoneyMagpie Invest podcast, I’m joined by William Yarwood from the TaxPayers’ Alliance to talk about something that is worrying an awful lot of us right now: how much tax we are already paying, and how much more we may be asked to pay after the Budget.
William argues that the government is running out of easy places to raise money. Employers’ National Insurance has already gone up, capital gains tax has been raised, inheritance tax changes have hit businesses and farmers, and the big manifesto-sensitive taxes – income tax, VAT and employees’ National Insurance – are politically difficult to touch.
We also discuss the possibility of more taxes on assets, including inheritance tax changes, pension-related taxes and the proposed mansion tax. William warns that this may not just hit “the rich”, but also people who are asset-rich and cash-poor, including pensioners and homeowners whose properties have risen in value through no fault of their own.
The wider problem, of course, is that Britain is already in a very difficult fiscal position. William points to national debt of over £3 trillion, debt interest of around £110 billion a year, the tax burden heading higher, and welfare spending projected to keep rising.
We talk about whether Britain could face a bond market crisis or even another IMF-style moment, why politicians are so reluctant to cut spending, and why even small attempts to reduce welfare spending can cause a political storm.
Finally, I ask William what ordinary people can actually do. His answer is to keep speaking up, hold MPs and candidates to account, get involved where possible, and keep pushing for lower debt, lower spending and proper financial discipline.
What do you think? Are more tax rises inevitable? Should the government cut spending instead? And where do you think the axe should fall?
Let me know in the comments — I always read them.
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