Ed Balls calls on government to cut taxes in Budget
Labour shadow chancellor says a VAT cut is the fastest and fairest way to boost consumer confidence
Labour shadow chancellor says a VAT cut is the fastest and fairest way to boost consumer confidence
LABOUR SHADOW chancellor Ed Balls has said the government should cut tax in next month’s Budget in order to boost growth.
Mr Balls’ ideas include a VAT cut, a 3p income tax cut for a year, bringing forward the planned personal allowance rise to £10,000 and higher tax credits, the BBC reported.
No tax cut could mean “a permanent dent in our nation’s prosperity”, he said.
The Conservatives said excessive borrowing and debt under Labour had led to the current financial mess.
Mr Balls told BBC One’s The Andrew Marr Show that the current austerity measures were “self defeating” and had left Chancellor George Osborne claiming he was “trapped by the credit rating agencies”.
The shadow chancellor said he favoured a cut in VAT – which is a sales tax rather than a tax on income – because it would be the “fastest and fairest” way of boosting the economy.
“We’ve got to get growth back in the economy,” he told the programme.
The numbers you crunch tell a story. Your expertis...
12yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe Low Income Tax Reform Group believes the government should have included tax initiatives in its plans for disabled people and employment Read More...
View articleRichard Le Tocq, head of Locate Guernsey, discusses the chancellor’s approach to high net worth individuals, and why relocation is increasingly attrac...
View articleLegislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' ...
View articleFollowing chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals Read More...
View articleWelcome to our live blog for Spring Budget 2017. Follow our Budget coverage throughout the day, including expert analysis and opinion on the key issue...
View articleAs chancellor Philip Hammond prepares to deliver the final Spring Budget, we take a look at the key topics that could be on the agenda for 8 March Rea...
View article22% of businesses consider a reduction in income tax the top priority for the Spring Budget, with reductions in inheritance tax and business rates fol...
View articleAs the chancellor gets ready for his first and last Spring Budget, David Brookes of BDO looks at the key issues that could and should be addressed on ...
View article