Menu
21/05/2012
Report Calls For Extension of Austerity Measures Until 2020
A joint report published by the Taxpayers' Alliance and the Institute of Directors has said George Osborne should prolong the coalition's spending cuts by an extra five years to allow for dramatic tax reductions, with a single rate of income tax set at 30%.
The TaxPayers' Alliance, whose director Matthew Elliott was recently sounded out for a job in No 10, says in its 2020 Tax Commission report that tax cuts are vital to promote growth and help hard-pressed families.
The most eye-catching proposal in the 417-page report is a call for a "single proportionate income tax rate" of 30%.
This would be achieved by cutting the ratio of spending and taxation to 33% of national income, forcing Osborne to maintain the current level of spending cuts until 2020.
Elliot said: "Right now the government's first priority has to be strong economic growth to create jobs and ease the pressure on families struggling to make ends meet. Tax reform is essential to make that possible. At the same time, the tax system has to be fair, and seen to be fair.
"Our current, complicated tax code where income is too often either taxed repeatedly or not at all doesn't pass that test. The single income tax is a serious plan for a tax system that can restore Britain's economic fortunes and leave more of their money in taxpayers' pockets."
In his original fiscal mandate, outlined in his emergency budget in June 2010, Osborne had expected the austerity plan to continue until 2015. But in his autumn statement last year Osborne announced that the cuts would be extended for a further two years.
(H)
The TaxPayers' Alliance, whose director Matthew Elliott was recently sounded out for a job in No 10, says in its 2020 Tax Commission report that tax cuts are vital to promote growth and help hard-pressed families.
The most eye-catching proposal in the 417-page report is a call for a "single proportionate income tax rate" of 30%.
This would be achieved by cutting the ratio of spending and taxation to 33% of national income, forcing Osborne to maintain the current level of spending cuts until 2020.
Elliot said: "Right now the government's first priority has to be strong economic growth to create jobs and ease the pressure on families struggling to make ends meet. Tax reform is essential to make that possible. At the same time, the tax system has to be fair, and seen to be fair.
"Our current, complicated tax code where income is too often either taxed repeatedly or not at all doesn't pass that test. The single income tax is a serious plan for a tax system that can restore Britain's economic fortunes and leave more of their money in taxpayers' pockets."
In his original fiscal mandate, outlined in his emergency budget in June 2010, Osborne had expected the austerity plan to continue until 2015. But in his autumn statement last year Osborne announced that the cuts would be extended for a further two years.
(H)
Related UK National News Stories
Click here for the latest headlines.
30 November 2010
Corporation Tax Reform To Create 'Competition'
The Government has published details of its Corporate Tax Reform programme consisting of a series of essential reforms designed to improve the UK's tax competitiveness. Measures include the introduction of new Controlled Foreign Company (CFC) rules and a commitment to introduce a Patent Box.
Corporation Tax Reform To Create 'Competition'
The Government has published details of its Corporate Tax Reform programme consisting of a series of essential reforms designed to improve the UK's tax competitiveness. Measures include the introduction of new Controlled Foreign Company (CFC) rules and a commitment to introduce a Patent Box.
11 November 2008
Conservative Tax Cuts Would Create Jobs, Says Cameron
A Tory government would slash corporation tax to stimulate new jobs, in an attempt to reduce the impact of a looming recession, David Cameron has insisted. Opposition leader, Mr Cameron, who still leads in voter opinion polls, said a Conservative administration would generate an additional 350,000 by providing tax breaks to UK firms.
Conservative Tax Cuts Would Create Jobs, Says Cameron
A Tory government would slash corporation tax to stimulate new jobs, in an attempt to reduce the impact of a looming recession, David Cameron has insisted. Opposition leader, Mr Cameron, who still leads in voter opinion polls, said a Conservative administration would generate an additional 350,000 by providing tax breaks to UK firms.
07 September 2011
Childcare Costs Force Poor Out Of Work
Families on low-incomes across the UK are having to turn down jobs or are considering leaving work because they can't afford to pay for childcare. New research from Save the Children and Daycare Trust also found that parents, regardless of income, say that they can't afford not to work, but struggle to pay for childcare.
Childcare Costs Force Poor Out Of Work
Families on low-incomes across the UK are having to turn down jobs or are considering leaving work because they can't afford to pay for childcare. New research from Save the Children and Daycare Trust also found that parents, regardless of income, say that they can't afford not to work, but struggle to pay for childcare.
24 November 2008
VAT Slashed In Pre-Budget Report
Drinkers, smokers and drivers will fill the 'economic void' expected to be created by today's widely anticipated 2% VAT reduction - through increased taxation, it has been announced. Presenting his pre-Budget report to the House of Commons, the Chancellor unveiled radical plans to slash VAT from 17.5% to 15% for 13 months.
VAT Slashed In Pre-Budget Report
Drinkers, smokers and drivers will fill the 'economic void' expected to be created by today's widely anticipated 2% VAT reduction - through increased taxation, it has been announced. Presenting his pre-Budget report to the House of Commons, the Chancellor unveiled radical plans to slash VAT from 17.5% to 15% for 13 months.
19 October 2006
Tories urge £21bn tax cuts
Around £21 billion tax cuts could be proposed by the shadow Chancellor George Osborne at the next election. The detailed report, which was accidently published on the party's website a day early, includes a 2p cut in the basic rate of income tax.
Tories urge £21bn tax cuts
Around £21 billion tax cuts could be proposed by the shadow Chancellor George Osborne at the next election. The detailed report, which was accidently published on the party's website a day early, includes a 2p cut in the basic rate of income tax.
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
