Home Business News UK workers prepared to pay extra 4% income tax to fund pandemic bill

UK workers prepared to pay extra 4% income tax to fund pandemic bill

by LLB Editor
3rd Jun 20 2:47 pm

Over three-quarters (77%) of UK workers are willing to pay extra income tax to fund the COVID-19 response.

On average UK employees would accept paying 3.9% more income tax.

Almost a fifth (19%) willing to pay extra 5% or more in income tax. Less than a quarter (23%) say they are unwilling to accept any rise in income tax.

Tom Selby, senior analyst at AJ Bell, comments: “Battling back from COVID-19 is going to be a long hard journey. As the UK Government eases lockdown restrictions and state support for the economy is slowly scaled back, debate will inevitably pivot towards how the near £300billion black hole in public finances should be filled.

“While the Coalition Government opted for public spending cuts to tackle the deficit after the 2008 financial crash, Prime Minister Boris Johnson is reportedly reluctant to follow a similar path. If this is the case then tax rises will likely be necessary to help balance the books – and Brits appear ready to do their bit.

“Over three-quarters of UK workers say they would accept paying more income tax in order to fund the COVID-19 effort. On average, workers are willing to pay almost 4% more than they do at the moment.

“While policymakers will need to be careful not to stifle an economic recovery by hiking income tax rates too much, there appears to be general acceptance that the COVID-19 costs will need to be repaid and that tax rises are therefore a necessary evil.”

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