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Death and Tory taxes

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1Death and Tory taxes Empty Death and Tory taxes Sat May 15 2021, 12:57


Nat Lofthouse
Nat Lofthouse

Back in February there was an astonishing article in the Telegraph which highlighted the fact that over the last 10 years, the Tories have introduced a whopping 1034 tax rises.

If Sunak goes ahead with the proposed hike in Corporation Tax as per the recent budget we'll have the heaviest tax burden since the 1960's.

And when the repayments on Sunak's unprecedented borrowing for Covid and Brexit kick in much more tax will be required to the extent that we seem to be heading towards the heaviest tax burden of all time - especially if the cost of borrowing rises by even a fraction.

Potentially it's manageable if accompanied by a massive cut in public expenditure, but it just doesn't stack up with Boris's election promises.

After all the Conservatives have always peddled themselves as the party of low taxation but now grandees like Ken Clarke and a host of others are suggesting that the figures won't add up unless Sunak raises income tax, VAT and national insurance - the "holy trinity" when it comes to elections which Boris will fight against tooth and nail.

There are already budget proposals on the table to hike CGT, Corporation and Inheritance tax which will affect the traditional Tory heartland/businesses so it seems that the Tory party abandoned it's stance on taxation.

It seems that rather than tax ordinary folk on an obvious way (NI, Income Tax, VAT) - which may undermine their populist image - they are going down the stealth tax route and extending it to include business and entrepreneurial activity - very untorylike.

The litany of stealth taxes will continue to rise but is a rise in VAT/IT/NI inevitable anyway, if not this year but next?

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