Thread by @CommonsTreasury

📺We're underway with the first evidence session of our #TaxAfterCoronavirus inquiry.

The witnesses are:

➡️@PJTheEconomist
➡️@gemmatetlow
➡️@MikeBrewerEcon
➡️Prof. Philip Booth from @iealondon

Watch it live here👇

parliamentlive.tv/Event/Index/63…

Paul Johnson from @TheIFS said that if you want to raise significant amounts quickly, the income tax rates could be raised by a few points.

Gemma Tetlow from @instituteforgov said broadening the tax base rather than increasing the rates would be favourable.

.@JulieMarsonMP asks: is the UK at its taxable capacity?

Some agreement amongst the panellists that the UK is below many EU countries so there is scope for the UK's tax burden to be higher.

Prof. Booth added that the UK can only go higher with a much better-designed tax system.

.@ab4scambs asks: if we do need to raise taxes, when should we do so?

@PJTheEconomist - "not yet"

Prof. Booth - depends on type of policy change that is made.

@gemmatetlow and @MikeBrewerEcon - Government should set out its fiscal objectives/framework at the next Budget.

.@PJTheEconomist from @TheIFS said that the Government can't get the money it needs from only the wealthy and high earners. He said that we can get more from those on highest incomes, but not enough.

That's all for today. Thanks to all of our witnesses.

Join us tomorrow at 14:30 to watch our evidence session with Governor of the Bank of England Andrew Bailey, alongside members of the Financial Policy Committee and Monetary Policy Committee.

📺 parliamentlive.tv/Event/Index/98…