The economic shock of coronavirus has brought perennial questions about government borrowing and spending, NHS funding, social care and welfare, inequality in income and education, and wellbeing, into renewed focus. In a special edition of Advantage magazine published to mark 10 years since the Austerity budget, leading economists reflect on these issues and consider what lessons can be learnt as the UK plans its recovery from the COVID-19 pandemic.
Reforming UK tax so that richest pay their ‘fair share’ could raise £11 billion to help rebuild post-Covid-19 public finances, says new report.
Around £11 billion a year could be raised from an Alternative Minimum Tax rate based on the total amount of income and capital gains that a person reports before applying any deductions or reliefs, according to new research which has gained unprecedented access to the tax records of the UK’s richest individuals.
Top 1 per cent received a sixth of the nation’s income pre-crisis, due to hidden rise of capital gains, new report finds
The Top 1 per cent received a far greater, and faster growing, share of the nation’s income pre-crisis than previously thought, if capital gains are included in official statistics, according to major new research published today. The research – a collaboration between the CAGE Research Centre at the University of Warwick, the Resolution Foundation and the LSE – uses confidential tax return data to build a fuller picture of incomes across the UK, specifically by including taxable capital gains.
In a further contribution to the debate about how to balance the need to re-open the economy with the need to protect life, Warwick researchers Andrew Oswald and Nick Powdthavee point out the extreme dangers from any general kind of release from lockdown and present more detailed modelling on the fatality risks faced by different age groups.
The UK could have zero new cases as early as 10th May, but no later than the end of May, new research conducted by the University of Warwick suggests.