18. Tax Cuts Under Labour
Labour reduced VAT on fuel to 5 per cent. The Tories wanted it to be 17.5 per cent.
Although we have reduced VAT on fuel, we have also increased taxes across the board everywhere else. According to a report from the Centre of Policy Studies (CPS) published in June, each and every household pays £6,182 extra tax every year, not as a result of inflation, but in in real terms. By the time of the next election - 2009/2010, that is expected to rise to £8,153 a year, up 4.2% as a proportion of GDP compared with 1996/97. There is however, a double whammy in all of this. That extra tax burden will reduce the UK's economic growth by between 0.3% and 0.5% every year. Over 10 years that loss of growth could be as much as 6% of GDP. 6% of today's GDP is £77 billion, the equivalent of £3,143 per household. Amongst all of this, one tax cut is hardly something to boast about.
Although we have reduced VAT on fuel, we have also increased taxes across the board everywhere else. According to a report from the Centre of Policy Studies (CPS) published in June, each and every household pays £6,182 extra tax every year, not as a result of inflation, but in in real terms. By the time of the next election - 2009/2010, that is expected to rise to £8,153 a year, up 4.2% as a proportion of GDP compared with 1996/97. There is however, a double whammy in all of this. That extra tax burden will reduce the UK's economic growth by between 0.3% and 0.5% every year. Over 10 years that loss of growth could be as much as 6% of GDP. 6% of today's GDP is £77 billion, the equivalent of £3,143 per household. Amongst all of this, one tax cut is hardly something to boast about.
posted by Hazel Blears at 7:52 PM
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Helps so much in combatting climate change as well.
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