"As Rishi Sunak continues to prepare his budget which will be delivered on March 3rd, he is also preparing his long-term plans for repaying the debt that has been necessary to take on to combat the worst economic effects of the Pandemic.

Despite his not being a Party of taxation, it is inevitable that taxes will rise during the term of this Parliament. It is laudable but also somewhat theatrical to say that the country is going to grow its way back to financial health, but the reality is somewhat different.

The levels of growth likely to be seen over the next three or four years are expected to be healthy, but little more.

Although the issues with Brexit appear to be coming to an end and there is no doubt that the vaccination programme has been a major success story for the country, a significant post-pandemic shift in output across the entire economy would need to happen for taxes generated from businesses and individuals to be anywhere near sufficient.

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