We were told George Osborne’s first budget would be one of the most radical in recent history, but it was not. If it warrants a footnote to history it will be for the size of the numbers, not any change of direction.
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The UK government seems set to increase VAT, so should it go for a steep rise in the sales tax or extend it to a wider range of purchases?
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A Vat increase is criticised as taxing the poor, but it is also a tax on the old – whether they are rich or poor. And you don’t have to be elderly to get caught by this shift to spending taxes.
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The Treasury should not grieve too greatly at companies such as J Sainsbury (LON:SBRY) paying early bonuses to avoid the new top income tax rate. By paying during the 2009/10 tax-year the exchequer will receive 40 per cent tax now rather than 50 per cent later, and time can be more valuable than money.
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Non-dom tax status is causing much political controversy, but what exactly is wrong with paying UK tax on your UK income and foreign taxes on foreign income? If you were inventing a tax system, that seems a sound starting point.
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If the Vat cut was a damp squib, how come restoring the rate 13 months later threatens the economic recovery? Our retailers should learn to stop screaming.
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The stamp duty holiday on home purchases ends at the new year, but did it work? And if it did, should it be extended?
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Here is the good news. There is some good news. It is a rash politician who mentions green shoots until they have become sturdy plants, but there are signs of economic improvement.
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If the VAT cut was going to work in reflating the economy it would be self-financing. The fact that it is costing £12bn proves it is an expensive waste of effort.
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