Making Money Your taxes are about to go up (again)
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Oct 6, 2025 Helen Miller, Director of the Institute for Fiscal Studies, dives into the UK's pressing tax and public service challenges. With tax levels at record highs and public services under strain, she emphasizes the need for honest political dialogue about reform. Miller argues for bold, comprehensive tax changes to avoid punitive measures for citizens. She also discusses the implications of rising costs in healthcare and welfare, urging for long-term planning in taxes and pensions to ensure sustainability. Overall, she offers a cautiously optimistic view on potential solutions.
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High Taxes, Strained Services
- The UK now raises more tax revenue than ever while public services still struggle.
- That mismatch forces the government to choose between higher taxes, higher borrowing, or cutting services.
Debt Interest Eats Public Spending
- Rapid post-COVID rises in debt interest mean over £100bn a year now goes to servicing debt.
- That spending crowds out funds for public services and changes the borrowing trade-off now compared with past decades.
Be Honest And Pair With A Plan
- Politicians should present a clear diagnosis and a coherent vision for fixing fiscal problems.
- Pair honest messaging about constraints with specific reform plans to get public buy-in.