Sweeping commitments can lead to problems
I saw a clip recently of George Bush Senior’s famous speech at the 1988 Republican Convention where he announced: ‘Read my lips: no new taxes.’ That phrase of course haunted him when inevitably taxes had to rise and it was one of the main reasons why he was not re-elected in 1982.
This has resonance given the reports that Rachel Reeves is having to consider tax changes in the forthcoming Spring Statement having been adamant in the Budget that there would be only one fiscal event a year. We already know the semantic knots that the government got into when trying to argue that employer NIC was not a tax on working people. But this is not just a problem for the current government. In 2017 the then chancellor announced plans to increase the rate of NIC for the self-employed ...
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