A tax raising report

By Fraser Nelson

I now have the costings. This is indeed a tax raising budget. By 2010-11 they plan to net £1.4 billion extra in tax. Highlights are: £440m a year by "state second pension white paper reforms".... Sounds dodgy.... Raise £500m from non doms, lose £1.4 billion on inheritance tax (nb Tory proposal would have cost £3.5bn) and £900m from the raid on venture capitalists plus £500m on the new airline tax. In the first two years this would be a net loss to the Exchequer, but overall taxes are up.