Britain’s economy is growing again. Revenues are flowing into the government’s coffers, and while the budget deficit remains vast, for now there seems little sign of the ‘bond vigilantes’ imposing higher interest rates. With a general election just over a year away, it is no surprise the government is starting to make noises about tax cuts.
On Monday, the chancellor, George Osborne, held out the prospect of an eventual drop in the amount of tax he takes from us every year – perhaps not in this parliament, but at least in the next.
When a country is as heavily taxed [...]
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