Ministers should create new taxes to boost crisis-hit social care and repair the coronavirus-battered public finances, experts said tonight.
The Resolution Foundation think tank called for £40billion of tax hikes to pump cash back into the Treasury and avoid austerity cuts.
In a 145-page report published tonight, the think tank outlines plans to raise £7bn from freezing tax thresholds – meaning people will pay more because allowances will not rise in line with earnings.
It calls for a corporation tax hike from 19% to 22%, which would generate £10bn, and £9bn of “wealth taxes”, including a one per cent “council tax supplement” on homes worth more than £2million.