Summary
THE outcome of Labour's debacle over axeing the 10p income tax band - and the subsequent U-turn involving raising tax allowances funded by borrowing - has been seismic. Not only has it has dented Gordon Brown's reputation for fiscal prudence, it has made it difficult for Labour to paint the Tories as irresponsible tax- cutters.
As a result, David Cameron has now been able to declare openly that a future Conservative government would cut taxes, rather than stick to his usual mantra that the Tories merely "share the proceeds of growth". If - as a result - the Conservatives win their first Westminster by-election in more than a quarter of a century on Thursday, it will signal that the mood in Britain has changed. The emphasis on pouring cash into the public services will shift towards protecting family income at a time of accelerating inflation and falling house prices.See the full content of this document
Extract
Leader: Tax System in Need of a Politics-Free Overhaul
How strong is the case that British families are now over-taxed? According to the respected and independent Institute for Fiscal Studies, since taking office Labour has increased the overall tax burden by 2.1 per cent of national income (o...
See the full content of this document
Sponsored links
