At the heart of George Osborne’s economic policy is a deeply perverse belief that if he cuts public spending and services people’s confidence will increase because they will think that they will have more money to spend themselves as a result and so there will be economic expansion as they spend more in anticipation of…
The unfairness of the budget is shown in microcosm in the proposed changes to corporation tax. Over the next four years the top rate of corporation tax in the country will be reduced from 28% to 24%, only paid for in part by a small reduction in the investment allowances large businesses (in particular) enjoy.…
Hidden in the small print of the Budget press notices is the following announcement: As part of an approach to develop sustainable responses to avoidance risk, the Government intends to examine whether the option of a General Anti-Avoidance Rule should form one element of strengthened defences. This will be part of wider work on improvements…
So, the Lib Dems got their sop capital gains tax increase. And George Osborne got the last word. The capital gains tax rate for those on higher rates of tax has been increased to 28% – but not to be in line with income tax rates. That, Nick Clegg will hope, may be enough to…
Richard Murphy will be speaking on the Green New Deal at Beyond Crisis, a TUC / Guardian one-day conference on progressive responses to the financial crisis on 16 Nov in Central London. Register for free tickets at www.tuc.org.uk/beyondcrisis The UK economy remains in crisis. It is still in recession. Any recovery, when it comes, will…