The National Audit Office (NAO) estimates the cost of the pandemic has risen to a stupendous £372 billion, up £100 billion since its last report in January. £172 billion has already been spent and £26 billion worth of guaranteed loans are expected to be written off when businesses collapse after the financial support is withdrawn. The Coronavirus Job Retention Scheme and the Bounce Back Loan Schemes alone have cost £151 billion. The health and social care sector needed £97 billion. Programmes such as the Self Employment Support Scheme came to £55 billion and £65 billion will be spent on support for other public services and emergency responses.

The £372 billion cost of covid to the taxpayer amounts to spending of over £5,000 per head of population. Spending that will inevitably translate into higher taxes…