And the NIESR said even those figures were based on Mr Sunak holding off tax rises until there were 'clear' signs of strength, suggesting any increases must be 'gradual' and focused on income tax rather than businesses. More than £46billion has been paid out in furlough cash since the scheme launched in May, supporting around 10million jobs. 'Among the possible tax rises, income tax should be preferred because of its lower multiplier. 'The emphasis on tax rises is also justified by the need for increased spending on welfare, health, infrastructure and education due to the large negative shock from the pandemic. It said an expected 4 per cent dip in this quarter will leave the economy an eye-watering 12 per cent smaller than at the end of 2019.

Source: Daily Mail February 08, 2021 16:21 UTC