Former Chancellor George Osborne speaking to the IFG very interesting currently defending corporation tax cuts - really big revenue raising comes from VAT, NIC, income tax - “the idea you can raise C-tax with no consequence is a mistake...” before adding “if it does go ahead”...
Osborne revealing to IFG that Cameron overruled his suggestion to introduce an extra two bands of council tax for expensive houses and use the proceeds to cut higher rate of tax to 40p. DC did not want a mansion tax though, and thought 40p taking cuts too far....
Asked Osborne about Sunak turning around decades of orthodoxy on low C-tax rates raising revenue, he replies:
- Everyone assumes that low tax is the driving force of Conservative thinking, but its fiscal responsibility that is the driving force...
- Everyone assumes that low tax is the driving force of Conservative thinking, but its fiscal responsibility that is the driving force...
Lamont says focus on fiscal responsibility (more than low taxes) stretches back to Thatcher but not necessarily all of back benches...
Darling: broader look needed, election may come before tax rises
Osborne says he suspects Sunak would have preferred to hike VAT like he did
Darling: broader look needed, election may come before tax rises
Osborne says he suspects Sunak would have preferred to hike VAT like he did
Interesting that shadow Chancellor began Treasury Qs quoting back Chancellor’s 2017 statements on low corporate tax rates increasing revenues...
Opposition argument now is that “£95bn” C-tax cuts caused lack of public funds that contributed to biggest health/econ hit eg in G7...
Opposition argument now is that “£95bn” C-tax cuts caused lack of public funds that contributed to biggest health/econ hit eg in G7...
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