@F-Red , the proportions don't work out mildly. The UK was running at GBP 41.5 Billion deficit in 2019. That's 1.9% of the GDP that they would have to additionally extract in the form of taxes today or over time just to cover the 2019 shortfall. Now the projected deficit for 2020 is almost GBP 300 Billion or 15% of a new GDP lower than 10%.
To cover this shortfall you would have to increase taxation to an average rate of 49% vs the ~33% it is at now. And that's if the projection is right for this year and not worse as this extends. The more the situation extends, the deeper it gets. You thought taxes needed to go up to fund better services and you had maybe a few percentage point gap between what you'd like and the current situation, and its still very hard to get to politically. Now you have a gap several times the size as before just to get back to where you were pre-pandemic, not even thinking about improvements.
In terms of economics, this is deep and it isn't easy to solve. Weaker countries go into political turmoil and democracies tumble over economic issues of a lesser scale. I don't think it will happen to European countries that still have high standards of living and high population buy-in for democracy. But it won't be fun to live through.