10 Per Cent Tax U_Turn: Our View

10 Per Cent Tax U-Turn: Our View

The u-turn on the 10% income tax threshold by this government in the face of a back bench revolt by Frank Field was, in our view a travesty of mismanagement.

Brown and Blair rode a decade, “the nice decade” as Mervyn King, Governor of the Bank of England put it, where they stayed in power on the back of stability in World economies claiming it was their good housekeeping.

Have their skills deserted them? Did they ever have them?

Mortgage markets struggling with Government, Bank of England, the Financial Services Authority and Banks all blaming each other.  They are all to blame although we suggest this will pass in the next 12 months.

Inflation on its way up due to increased mortgage, fuel and food prices.

What is Mr Brown’s reaction? To raise more taxes to curb our spending and replace Government lost income that will surely follow with a slower economy.  This is not and was not the answer.

The economy is not in as poor a position as the Government thinks.  UK business is well placed to meet the challenges of the next 10 years.  It is Government and quasi Government operations and the financial waste pipe of local government that is the problem.  

We need to close our club again and start to look after ourselves, much as we did in the 18th and 19th centuries, where we were the greatest empire this world has ever seen.  

To win in the next hundred years we need to solve our reliance on oil and do it quickly.  The economic power that does this will win.

So please Mr Brown, stop dallying with politically motivated decisions on tax rates and do the job you were elected to do.  

Make this country great again.  Discipline back in schools, discipline with our economy, discipline with our fuel and discipline with our borrowing.

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