When he announced Labour Party proposals for changes to the non-dom rules, Ed Miliband tried very hard to be as misleading as possible without lying. He seems to have failed. He said that non-doms ‘aren’t required to pay taxes like you and me’. They are. Non-doms are required to pay the same UK taxes as
Having been born in 1983, I am a part of Ed Howker’s ‘jilted generation’. I think it is quite reasonable for him to argue that governments of all parties have made choices which do not reflect our interests, or those of future generations. They have increased public spending, which will reduce medium term growth and
Yesterday’s autumn statement included the results of the Treasury’s study of the dynamic impacts of the cuts to Corporation Tax, which George Osborne is down from 28 per cent to 20 per cent. This study used the new HMRC Computable General Equilibrium model – as Fraser reported on Wednesday – and the results are impressive.
First politicians banned cheap energy. They are creating an affordability crisis by insisting on the rapid deployment of expensive technologies like offshore wind and by imposing endless green taxes. It is simply illegal to generate electricity at an affordable price with a modern, efficient coal and gas power plant, without bearing all of those other
65 per cent of the people buying a home in London in 2012-13 paid the 3 per cent rate of Stamp Duty or more. You can pay that rate on a one or two bedroom flat in the capital now. But it would be a mistake to think that Stamp Duty is only an issue
Today Ed Davey launched the London Array, an enormous offshore wind farm, and the Prime Minister posed for pictures with a sheikh whose sovereign wealth fund put up part of the money to finance it. But HH Sheikh Abduhall Bin Zayed is not backing this project out of the goodness of his heart. The Emiratis
Tim Yeo MP called his proposal for yet another draconian target to decarbonise Britain’s power sector the ‘green jobs amendment’. It was defeated last week by 290 votes to 267. One sweeping new regulation was apparently enough for the day as the Commons settled for casually renationalising the energy sector by passing the government’s bill.
The Government is expected to raise around £550 billion in tax revenue this financial year. The Centre for Policy Studies estimates that a mansion tax (of £20,000 on properties of £2 million), would raise at most £1 billion, less than 0.2 per cent of revenue. The tax is, however, likely to weaken the market and
Nutella may have been created by Italians, but it is the French who really love it. The hazelnut spread is a fantastically popular accompaniment for everything from bread for breakfast to crêpes for a delicious dessert. Yet the French Senate, in its infinite wisdom, decided that Nutella should be taxed. The proposal was voted through
This morning the Mail on Sunday reported that George Osborne has promised there will be no mansion tax, no wealth tax and the council tax freeze will be extended. Homeowners are safe for now, but why has Osborne made that call? It might be something to do with a past Conservative Party Conference back in
Q: Why will George Osborne miss his debt target? A: The Government is spending a lot more money than it is taking in taxes. Q: Why is the Government spending a lot more than it is taking in taxes? A: Jonathan Jones answered this one yesterday. In short: disappointing growth means that debt needs to
Too many taxes are buried in prices. From Value Added Tax to the cost of extravagant subsidies for renewable energy, all people see is the shop charging them a higher price. That is convenient for politicians trying to hike our taxes, but it distorts democratic decisions over the level of taxes and spending, and which
Tim Yeo is now posing as a friend of the consumer. Launching the latest report from the Energy and Climate Change Committee this morning, he attacked the Treasury for ‘refusing to back new contracts to deliver investment in nuclear, wind, wave and carbon capture and storage’. The report argues that could ‘impose unnecessary costs on consumers’. The
The European Union has been handing out grants to environmentalist groups since 1997. New research by the Taxpayers’ Alliance today shows just how much the different groups have received. The European Environmental Bureau, an umbrella group for a number of the others who are funded directly, has received nearly €11 million. More familiar names funded
The environmental movement hasn’t responded well to the setbacks it has suffered seen since the failure of the Copenhagen climate conference. The #endfossilfuelsubsidies campaign — trending worldwide on Twitter this morning — is the latest example of their descent. To be clear, fossil fuel subsidies are not a good idea; that is why governments like
One of the justifications for Britain’s large, and rapidly growing, international development budget is that it promotes our national interests. Politicians are wary of appealing to a public sceptical of the benefits of aid purely on the basis that it will help where it is spent. The idea is that by supporting poorer countries we
The Government takes a lot of stick for blaming the weather when there are queues at airports or lacklustre growth figures. Now the European Union is blaming a ‘colder winter’, as well as ‘economic recovery in many countries’, for emissions in 2010 being 111 million tonnes of CO2-equivalent higher – about 2.4 per cent –than
After the Budget there was a lot of anger over the pasty tax and the granny tax. Another big rise — in tobacco taxes — didn’t make as many headlines, because it wasn’t much of a surprise. But for someone smoking a pack a day it almost wiped out the entire value of the rise
When Tim Montgomerie first started calling for new wealth taxes I was horrified. Sweden has only just abolished its wealth tax after seeing hundreds of billions of kroner leave the country in capital flight over a number of years. Other countries have found wealth taxes are associated with narrow bases, high costs of collection and
Earlier today, the Government announced that it is still planning to go ahead with a new high-speed rail line that will reach Birmingham by 2026, and then be connected to Manchester and Leeds. And it’s doing so in the face of widespread scepticism among the public and business leaders. When we at the TPA commissioned
