Vast UK Debt, Taxation Preferred to Austerity

That the Parliament notes the Office of Budget Responsibility’s projection that UK national debt could reach £2 trillion in June 2020, which would push it beyond 100% of national income for the first time since the Second World War; agrees with the Chief Economic Advisor at EY that "we cannot just deal with this with more austerity"; recognises that increased taxation is one avenue through which governments can raise funds and not shrink the state and services, and believes that, while the considerable expenditure during the COVID-19 pandemic has been critical to limiting the long-term economic impact of the virus, rising UK national debt must be tackled without reducing public expenditure or saddling future generations with that debt.