Taxes don't have to rise after the election

Article Abstract:

It is widely assumed that the party which wins the forthcoming general election in the UK will inevitably have to introduce a large tax increase, either immediately or before May 1998. It is certainly true that the next government will find it very hard to meet the target of only 0.6% per year growth in real spending over the next five years. However, this does not necessarily mean that taxes have to rise. Tight public spending plans will mean that the fiscal stance will tighten by more than 0.7% of GDP in 1998, perhaps making tax rises unnecessary.

Planning, Government spending policy

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Vulcanomics obscures the Tories' real choices

Article Abstract:

John Redwood, who is challenging for the leadership of the Conservative party, has claimed that taxation could be reduced by 5 billion pounds sterling by reducing waste and bureaucracy in government departments. Some observers have expressed the view that this would be impossible, as this reduction amounts to one third of the total spent every year on central government administration. It may be that he would attempt to make savings by shifting some public services to the private sector.

Economic policy, Redwood, John

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Revenue shortfall will not stop budget tax cuts

Article Abstract:

Chancellor Kenneth Clarke has always emphasised that tax cuts will only be introduced when the UK economy is healthy enough to bear them. This point will be judged by developments in the PSBR, which the chancellor sees as having been too high over recent years. The Nov 1995 Budget will provide an interesting insight into whether he believes that the economy has now reached a stage where tax cuts are feasible.

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