Monday, 1 October 2007
UK Politics: Tory economic policies
Quick take on this today due to work interfering somewhat with blogging. Sadly I am no Dizzy, Croydonian or Iain able to swan off to the conference for a few days...
Five main ideas stick out:
Inheritance tax threshold to £1 million; a good idea and despite what the Labour party say, it is clear that many more people in the future will be hit by this. Particularly in the South East. I don't see how this helps win the midlands and Northern marginals, but than I am no political strategist.
Moving the Stamp duty threshold to £250,000 for first time buyers; This is also a good idea, a few months ago I would have been critical as it would over-heat the housing market further, whereas this idea may now stop a real property price crash in the current challenging circumstances.
Non-Domicile's to pay £25,000; Where do I sign up to only pay £25k a year in tax? It is a good one-off idea but this is one where no one can be sure of the real amount of money this will raise. It won't put the Non-Doms off living here (cough, tested this idea on one already today so I have clearly tested this as fully as the Tories or Labour have...).
Green tax on aircraft; This idea is just a pure revenue grab like Gordon Brown's APD tax rise. People might swallow this but I hate the concept of stealth taxes and it is disappointing to see it from the Conservatives.
Finally, George Osborne announced that Tory spending plans overall would remain the same as Labour plans for the first 3 years. Oh, yeah? The economy will slow down int he next three years and the Government will receive a lot less tax receipts - so on current spending we are heading for massive borrowing or service cuts. This announcement is a hostage to fortune. One radical way to combat the sow down would be huge tax cuts across the board in the manner of George Bush.
That would be a better and braver plan.
What do you think and what one policy would you have suggested