Many of the foundations underpinning our current system of tax and public spending have shifted in the past decade. While some of this has been caused or accelerated by the COVID pandemic, there are also many longer-term shifts. These include the changing nature of paid work, the rise of the digital economy, the need to tackle the climate crisis with the clear requirement for government spending to do so, an increasingly outward facing role that companies play in our society, and a re-examination of the role that the state can play too. This content series examines these trends and what they might mean for future tax and public spending policy.
Managing demographic change
The UK population is steadily getting older, requiring tough decisions to be made on taxation and public spending. ICAEW tracks the impact of pensions, health and social care on the public purse and examines the fiscal tools available to policymakers as demand continues to rise.
The impact of digitalisation
Advances in digital technology mean the pace of change will only continue to accelerate. There is clear potential to make taxation and public services more efficient – but HMRC and service providers must walk a careful line between data processing and privacy rights.
Setting the scene
The pandemic occurred at a time of significant social and economic change – and added new challenges to the mix. Taxation and public spending must evolve as individuals and corporations become increasingly agile and seek to make a difference in the world around them.