If you have a deficit in your household budget you have two options. You can cut your expenditure or you can increase your income. Or you can do some of each. Some expenditures are difficult to cut and some occupations do not readily offer income expansion.
The government, any government, has the same choices. For eight years now we have been locked in a continuous squeeze on the public purse, yet the budget remains in deficit and the national debt grows. Moreover all public services, especially health and social care, as well as parts of education, are showing real signs of serious strain, which can only get worse as resources fall and demand grows. More cuts will not help, because the heart of the issue is not waste (although there is waste), but a shortage of income for the government, because taxes no longer provide enough.
The solution lies in an increase in revenue. A hike in tax rates will not achieve that, neither will a cut. What is required is taxation reform of business and capital taxes away from profits, towards the circulation of money. In other words a transaction tax for capital and a turnover tax for business. That will broaden the taxation base, simplify it enormously and increase revenue. Rates will be lower because the taxable events will be greater and avoidance impossible, because the event is the circulation of money, not a financial event of taxable classification. It is indeed radical thinking, but if this Brexit thing is to happen and be made to work, nothing less in the thought process will do.