Public spending and taxation must be kept under tight control, the IoD said, because the existing fiscal rules do not prevent higher public expenditure if it is financed by higher taxation.
The institute also called on the chancellor to adopt a new third rule for fiscal policy ð a commitment to reduce the tax burden as a proportion of GDP. It also demanded a firm stand against European tax harmonisation and a reduction on the complexity and bureaucratic burden of the tax system.
Ruth Lea, head of the institute’s policy unit, said: ‘Economic stability is not guaranteed to last. The government must not risk any more increases in spending. The best safeguard against future difficulties is a low-regulation environment to encourage a strong private sector.’
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy