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Tax and spending promises by leadership candidates:
- Raab: £30bn+ tax cut;
- Hunt: £20bn+ more spending on defence;
- Johnson: £10bn tax cut;
- Gove: abolish VAT;
Me in @thetimes thetimes.co.uk/edition/busine… on lack of seriousness. What are their actual fiscal strategies?
- Raab: £30bn+ tax cut;
- Hunt: £20bn+ more spending on defence;
- Johnson: £10bn tax cut;
- Gove: abolish VAT;
Me in @thetimes thetimes.co.uk/edition/busine… on lack of seriousness. What are their actual fiscal strategies?
@thetimes You can't abolish VAT, which raises £140bn a year, and replace with a sales tax. Not a matter of principle but of practicality.
Sales tax at current VAT rate would not work. That's why all OECD countries bar the US, which has very low rates have a VAT as do nearly 170 worldwide
Sales tax at current VAT rate would not work. That's why all OECD countries bar the US, which has very low rates have a VAT as do nearly 170 worldwide
Claims that tax cuts are “funded” by headroom against borrowing target are absurd. They are funded by higher borrowing or by lower spending. That’s it.
