Neil MacGillivray: The post-pandemic financial malaise

Who pays?

clock • 3 min read

With the country’s people and economy already feeling the pain of the covid-19 pandemic, Neil MacGillivray warns of the further pain set to follow, when we have to foot the financial bill…

The Office of Budget Responsibility estimates the costs of a three-month lockdown to fund the likes of the Coronavirus Job Retention Scheme, Self-Employment Income Support Scheme, business grants and tax deferral schemes will increase government borrowing for this year by £273bn. To put that into some sort of perspective, the total raised in taxes in 2018/19 was in the region of £620bn and current National Debt is, give or take a pound or two, £1.84trn. If we go back 15 years National Debt was a mere £0.5trn. In terms of Gross Domestic Product (GDP), the National Debt in 2005 was abou...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

Simple savings vehicle for disabled clients welcomed as 'groundbreaking'

Simple savings vehicle for disabled clients welcomed as 'groundbreaking'

Potential to widen access ‘if implemented well’

clock 05 February 2026 • 4 min read
Personal representatives face delays and fines due to 'lost' wills and pensions

Personal representatives face delays and fines due to 'lost' wills and pensions

Under pressure to file necessary paperwork with tight deadlines

clock 04 February 2026 • 4 min read
HMRC to rake in £100m from a million late tax returns

HMRC to rake in £100m from a million late tax returns

An estimated one million did not file on time

clock 04 February 2026 • 4 min read