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The state is back
A new era in UK tax policy will begin on 9 June. Whoever wins the general election it is clear that the period of political parties committing to lower taxes is over. Stealth taxes and the never-ending war on avoidance often increased the take but the direction of travel was clear – a slowly declining headline rate of tax.
With the demands on the state to deal with healthcare an ageing population and education the major political parties have made it clear that tax rates are going to be under pressure. Even the Conservatives only pledged to ‘keep taxes as low as possible’ not a high bar against which to be measured. The other parties openly campaign for higher taxes for particular sectors. Greater demands are being placed on the state and there seems to be political agreement that they should be met. This requires tax...
