If taxes must rise, Sunak should pick on private equity instead

It’s not axiomatic that taxes must rise to pay for the pandemic, if you seriously believe the surge in growth, jobs and prosperity that will follow the rollout of a hyper-efficient national vaccination programme will generate sufficient revenues for Rishi Sunak to stabilise the public finances, albeit at the highest level of debt ever seen in modern times. On the other hand, the Chancellor is surely pondering this question: in the current mood of public gratitude for the NHS and government support for the economy, there must be taxes I can tweak that won’t lose sackloads of Tory votes and might chip the peak off the debt mountain — so where are they?

We can probably dismiss, for example, the shift to ‘pay per mile’ road pricing for motorists reportedly being mooted by the Treasury to replace the £40 billion a year it might lose if sales of new petrol and diesel cars are banned by 2030.