'Speculative' tax cuts not on Tory agenda
Tory shadow chancellor Oliver Letwin has ruled out the use of speculative tax cuts to drive down government spending, if they win the next general election.
Tory shadow chancellor Oliver Letwin has ruled out the use of speculative tax cuts to drive down government spending, if they win the next general election.
Link: Tories slam mandatory online tax dealings
This was revealed in yesterday’s speech on Conservative plans for an arctic freeze on all forms of public spending outside education and health.
He said there was evidence that a combination of avoidance reduction and increased economic activity can produce counter-balancing increase in receipts as under the Thatcher government.
But he dismissed such ‘bonuses’ as unpredictable and to be used as a basis for further tax cuts not for financing deficit expenditure.
Letwin ruled out a tax cut pledge but stressed this remained his aim once public expenditure had been brought back under control, starting by attempting to reduce specific types of tax showing most signs of generating avoidance and of reducing economic activity.
Attempting to usurp chancellor Gordon Brown’s record for ‘prudence’ he pledged: ‘A Conservative government, if elected at the next election, will not take risks with the public finances.’
Letwin said his freeze would start with a ban on replacement civil service recruitment with a zero cash increase across all but the two excepted departments for two years followed by a 2% cash – zero real terms – growth for the remainder of the strategy period.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn 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 resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View articleThe FRC has announced Richard Moriarty as its new chief executive, replacing Sir Jon Thompson Read More...
View article