The public finances are on an unsustainable long-term trajectory. This is due primarily to projections of rising age-related spending based on existing Government commitments. This situation is being exacerbated by the fiscal impact of the coronavirus pandemic. Even in the most optimistic scenario, the current and future UK Governments face a dilemma: if public spending and revenues are not to diverge without limit, either the former must be restrained or the latter must be raised.