The chancellor is already committed to borrowing only for investment over the economic cycle and keeping national debt below 40% as a proportion of GDP.
In a submission to the chancellor ahead of next month’s pre-Budget report, Graeme Leach, chief economist at the IoD, is urging Brown to impose an additional commitment to push down taxation as a proportion of national output over the cycle.
He denied such a measure would call for ‘any wild or deep tax cuts or even any cut at all in some years’. But with the government deficit twice what it was last year some independent fiscal experts are predicting tax increases are a much more likely development.
Does Darwin's theory apply to taxation? Colin ponders...
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
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements