2) Bank windfall tax. They’d have a new rule saying that banks are not allowed to write off their cumulative losses against tax. The losses are so vast they could, in theory, allow banks to make tax-free profits for years. This would the equivalent to a windfall tax.
3) VAT at 20% Right now it’s at 15% - the minimum allowed by the European Commission (whose tax it is – a fact Cameron sometimes forgets when he talks about changing the way it’s applied to small companies). Jacking it up to 20% will be noticeable.
4) Cutting capital expenditure programmes and saying that if anyone wants to build a road they can do it for-profit and as a toll company/
5) The mix of cuts and spending the ratio being discussed by Tory-leaning economists is 30:70 ratio of cuts.
CityAM splashed on James’ column (below). Expect more follow-ups from Fleet St in due course.