So what's to do now?

[TheOstrich]

A black hole and increased spending commitments still need financing.

I'm going to hazard a guess it'll be at least 1p on the income tax rate from next April, and possibly a 5% VAT levy on all currently zero-rated food products.
Quick and easy way to spread the load - although I'd still like to see the more wealthy stung as far as possible .....

[Workingman]

Putting 5% VAT on essential foods would be the end of government as we now know it, though many could be forgiven for thinking that might not be such a bad idea!

However, the tax system does need looking at. The bands are too wide and the rises between them too big; a more graduated system would be fairer.

[TheOstrich]

Most EU countries charge 5% and it's got to come from somewhere!

[cromwell]

Tax rises are a certainty. I guess the government would love to means test the state pension too; calling it a "benefit" means to me that they are edging that way.
It's all very well scuppering benefit reform and showing how noble you are, but if you don't cut spending you have to raise taxes; and the rich didn't get to be rich by standing still and letting politicians go through their pockets. Thousands of millionaires have left the UK since 2017 (41,500 is one figure) and 16,500 are forecast to leave in the next twelve months.
Labour backbenchers may fondly think that "the rich will pay for everything" but trust me, they won't.
It'll be thee and me that cop for it.

[Workingman]

Labour backbenchers may fondly think that "the rich will pay for everything" but trust me, they won't. It'll be thee and me that cop for it.

That's why I say that tax bands and their rates should be more graduated... so that we can all be shown to be sharing the load. The jump from 20% to 40% for those over £50,271 is quite a hit all in one go, as is 0% to 20% from £12,571.

[Kaz]

It is quite a jump as it stands Frank. I do think your suggestion has merit.