Rocketing costs of Net Zero, pensions and NHS could leave Britain on the brink of ruin
THE rocketing costs of Net Zero, pensions and the NHS could leave Britain on the brink of economic ruin, a think tank has warned.
The NICs hike is “small fry” compared with the tax rises that will be needed to feed bloated budgets, the Resolution Foundation said.
The Treasury will have to sting families with new property taxes to pay for the eye-watering costs, it added.
State pensions and the NHS will cost £76billion a year extra by the end of the decade as Britain’s population ages.
Going green will add another £14billion to annual spending.
But the RF warned that No10 will not be able to make the sums add up by the traditional methods of whacking up taxes on income or cutting public spending.
The foundation’s Dan Tomlinson said: "The recent row over the £13 billion Health and Social Care Levy – and the unsatisfactory answer of raising National Insurance contributions yet again – is small fry compared to some of the tax raising decisions that may be required later in the 2020s.
“When it comes to tax, more of the same is not the answer.”
