How to Cut Spending - And Then Taxes

How to Cut Spending - And Then Taxes

Iain Dale 2:06 PM

Fraser Nelson, in this week's Spectator, has a splendid article explaining how to cut spending - and then taxes. I'll leave you to savour the full text HERE, but think about this short excerpt...

Nigel Lawson, for example, can claim to be one of the most redistributive chancellors in history — but for reasons Mr Brown would hate. When he cut the top rate of income tax in his famous 1988 budget, for example — a budget vociferously opposed by Mr Brown — the richest 1 per cent paid 14 per cent of all income tax collected. It has since soared to 23 per cent. The richest now shoulder a far greater share of the burden because Lord Lawson lowered their tax rates. This is a paradox that Labour and the Liberal Democrats, with their zero-sum economics, are incapable of understanding.