May 1, 2017

General election 2017: Tax lock is bad policy, says IFS

Politicians should avoid any election pledges on a "Tax lock" which would rule out rises across three major taxes - income tax, National Insurance and VAT - a think tank has said. Theresa May said on Sunday a Conservative government would not raise VAT if it wins the general election. Labour, which has also ruled out a VAT rise, said it would deliver "Low taxes for low and medium earners" if it won the general election on 8 June. Chancellor Philip Hammond's recent U-turn on a planned increase in taxes for the self-employed "Highlights the problems with the tax lock", the IFS said. Whoever wins the election needs room to manoeuvre because the government's reliance on tax income is set to reach its highest since the early 1980s, the IFS said.

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