Economists warn of day of reckoning Paul Johnson, director of the Institute for Fiscal Studies (IFS), has warned of likely tax rises as a result of a coming recession. He said getting the UK's £2trn debt mountain under control will take decades, and is likely to require the Treasury to raise an extra £35bn to £40bn a year once the immediate crisis subsides. He added: “The time to pay for this will come, but not this year and not next.” Deputy director Carl Emmerson said it was too early to predict the scale of the hikes as it depended on how quickly the economy recovered, but said “it could be quite a chunky tax rise.” The Chancellor Rishi Sunak yesterday refused to rule out future tax rises to pay for the record public spending during the pandemic. He said it was "too early to speculate". Meanwhile, research by Redfield & Wilton Strategies for the Mail found that 71% of the public expect taxes to rise to pay for the coronaviru s bailout package.