SIGNIFICANTLY higher taxes on the average person would be needed to finance higher public spending in the UK, according to a former Bank of England governor.
Mervyn King ("Lord King of Lothbury") said there “isn’t enough money there amongst the rich” when it comes to meeting the “strong case” for extra spending in certain areas to help recover from the lockdown.
He added there is also a need for politicians to “front up” and explain the consequences of soaring inflation, the reduction on living standards caused by confronting Russia’s invasion of Ukraine, and helping future generations cope with the increased national debt.
