A combination of a poor global economy and a structural decline in tax revenues will worry the chancellor, who is running out of options to finance his well publicised spending plans, according to the report.
‘It is not a pretty picture,’ said professor Peter Spencer, Ernst & Young’s economic advisor. ‘The war chest built up in the run up to the last election is already spent, and with borrowing held back by the chancellor’s golden rule, higher spending now means higher taxes.’
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