RegulationAccounting StandardsEx-chancellor awarded honorary fellowship by CIoT

Ex-chancellor awarded honorary fellowship by CIoT

Former Conservative chancellor Kenneth Clarke receives honorary fellowship from CIoT

Ex-chancellor awarded honorary fellowship by CIoT

THE CIOT has named a former home secretary and chancellor of the Exchequer as an honorary fellow, giving out the honour for just the 27th time in its 85-year history.

Kenneth Clarke, MP for Rushcliffe and a member of parliament since 1970, was yesterday awarded the honour by CIoT president Chris Jones during the institute’s President’s Luncheon.

During his political career Clarke (pictured) has also served as lord chancellor and justice secretary, education secretary, health secretary and minister without portfolio. Clarke is also the fifth longest-serving cabinet minister in history, serving under Margaret Thatcher, John Major and David Cameron.

Clarke is the fourth ex-chancellor to be awarded an honorary fellowship by the CIoT, joining Geoffrey Howe, Nigel Lawson and Denis Healey.

Chris Jones, president of the CIoT, was full of praise when honouring the former chancellor, in particular noting the “structural and long-lasting changes to the tax system made during our recipient’s four years as chancellor”.

“These included new taxes on forms of consumption ‘filling in the gaps’ in the previous scope of VAT: Insurance Premium Tax, Airline Passenger Duty, and – most controversially – VAT on domestic heating.”

Jones also reminisced about Clarke’s relationship with the Budget.

He said: “On the subject of the need to raise taxes he said more recently about his time as chancellor: ‘Politics was different then – people did not expect budgets always to be popular. They did expect budgets to have things they did not like in them.'”

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