Tax policy and the budget
Article Abstract:
The tax burden in the UK is not very high, at least by international standards. Successive governments have sought to reduce taxes, but have been hampered in their efforts by the burden of public spending. Chancellor Gordon Brown has shown himself willing to use taxation as a tool of macroeconomic demand management. He has placed strong emphasis on fiscal rectitude, and was thus able in the 1999 budget to introduce an extensive package of measures designed to reduce annual net tax receipts by more than 4 billion pounds sterling.
Publication Name: British Economy Survey
Subject: Business, international
ISSN: 0263-3523
Year: 1999
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The case for tax cuts
Article Abstract:
There is great political pressure on UK chancellor Kenneth Clarke to make significant tax cuts in the autumn 1996 budget, the last before a general election, but the economic case for tax cuts is unclear. Current economic conditions could support the case for tax cuts to stimulate demand, since growth in output has slowed and inflation is low. However, in terms of public finances, tax cuts are not affordable at present: the public sector borrowing requirement has not declined in line with forecasts.
Publication Name: British Economy Survey
Subject: Business, international
ISSN: 0263-3523
Year: 1996
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Tax policy and prospects
Article Abstract:
The UK's Conservative government has always tried to portray itself as a government of low taxation, emphasising a commitment to reduce government spending and limit the burden of taxation. However, this has not been the case in practice, even though taxpayers in the UK pay less than in many other countries. Public expenditure remains at 42% of GDP, the same as in 1979, and taxes will take around 37% of GDP in 1995. However, the tax burden has been redistributed.
Publication Name: British Economy Survey
Subject: Business, international
ISSN: 0263-3523
Year: 1995
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