On Monday this week, the chancellor unveiled a £93bn rise in public spending over the next three years, with big increases for transport, health, education and development.
But, according to the Institute of Fiscal Studies, this would not mean an increase in taxes, as the spending plans are designed to take into account the fluctuations in the economic cycle.
Carl Emmerson of the IFS said: ‘If growth is slower than the chancellor’s forecast, it really doesn’t bother him so long as his view of the long-run trend is the same: slower growth now would just imply faster growth later.’
A more serious threat would come from a long-term slowdown and a continued weakness in world financial markets.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states