Sir Charlie Bean, who recently left the Office for Budget Responsibility, says the move could be delayed.
A senior official previously charged with vetting the Treasury's plans has told the BBC chancellor Rishi Sunak can afford to postpone April's tax rises.
But Sir Charlie said: "There is no problem in the UK borrowing several billion pounds for one extra year. What you can't run is sustained large deficits, but the pace at which you close a deficit is basically a political judgement," You can hear more on this on Radio 4's Analysis programme "Can the UK ever be a low tax economy again?" At 2030 on 14 March and on BBC SoundsMr Sunak had envisaged this being payback time - after a rescue plan that shielded most livelihoods from the ravages of the pandemic caused the biggest deficit in peacetime.
Households could see a reduction to living standards equivalent to £1,000 a year, according to some analysis.Increased costs of household bills and supermarket shops have added to pressure on the Chancellor to delay the National insurance riseRaise taxes now, he argues, and he can deliver sustainably lower taxes in coming years - and avoid escalating interest payments on government debt.
In the post-war years, governments also managed to ramp up health spending without the tax burden soaring by cutting back on areas such as defence spending - but the war in Ukraine is putting renewed pressures on that area.Until this year, the state pension was earmarked to rise by the lesser of inflation, average wages growth or 2.5%.
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