We are constantly told that smokers – and now those who like a drink – are a financial drain on society. Yesterday’s BBC Radio 4’s ‘World at One’ news looked at what would happen if everyone obeyed the Government and stopped smoking, drinking and using carbon fuels.
Experts Andrew Leicester from the Institute of Fiscal Studies and David Buck from The Kings Fund were interviewed, and said that long term financial problems would result.
Even at current rates, the money raised from these so-called “sin taxes” is £46 billion. To replace it, current basic income tax would have to rise immediately to 32%, and VAT to 29%.
Listen here (starts at 39 minutes in).