HIGHER taxes "look to be here to stay" and will not return to pre-pandemic levels for decades, leading economists warned today.
In a stark assessment of Jeremy Hunt's chilling Autumn Statement, which set out plans for £24 billion of tax rises, the Institute for Fiscal Studies braced Britons for even more pain after the next general election.
"I would be most surprised if the tax burden gets back down to its long-term pre-Covid average at any time in the coming decades," IFS director Paul Johnson said. "Higher taxes look to be here to stay." He also stressed that living standards were set to plunge to their lowest level in decades. He added: On some measures people may be an astonishing 30 per cent worse off than we might have expected had pre-financial crisis trends continued through to the mid-2020s.”
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