This article is the first of a planned series covering public sector finances. In this publication we aim to provide an insight into the initial impacts of COVID-19 pandemic on the public sector receipts. Certain taxes have been immediately affected by the restrictions, as we see throughout this article, focussing on specific taxes which might interest the user, including income taxes, VAT, Air Passenger Duty and Fuel Duty.
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What is the coronavirus (COVID-19) doing to the public purse?
From falls in VAT and Income Tax receipts to lockdown restrictions reducing income from Air Passenger and Fuel Duty, UK public sector income is being squeezed during the coronavirus (COVID-19) pandemic.