Tuesday, 24 October 2006

LOWER, SIMPLER, FAIRER TAXES

On Thursday, the independent Tax Reform Commission will launch its report. It contains a menu of options for achieving fairer, simpler taxes that can begin to restore the competitiveness of the British economy.

Robert Key says...

I warmly endorse this important initiative on tax policy for the Conservative Party. I believe David Cameron and George Osborne are absolutely right not to announce the immediate adoption of unfunded proposals. Far better to have an open discussion based on these attractive proposals.

Key Message

Welcoming the report, George Osborne said:

‘Britain’s tax system is too complicated and taxes are too high. This is damaging Britain’s ability to compete in the world.

‘I set up the Tax Reform Commission to get, for the first time ever, independent expert advice on how we can change that. I commend its work and I welcome its Report.

‘The Commission have given us a menu of options that merit serious consideration. Some we will accept, some we will modify and others we may reject.

‘But the framework of our tax policy is now set.

‘Sound Money means that stability will always come first before promises of tax cuts. We will not be promising up front, unfunded tax reductions at the next election.

‘We will, however, rebalance our tax system. Green taxes on pollution will rise to pay for reductions in family taxes. This Report sets out some options for doing that.

‘And we will also embark on a major simplification of business taxes that will pay for a significant reduction in our business tax rates. This report represents a major step in that direction.

‘The battle for a simpler, fairer and more competitive tax system has begun’.

The full report is available at www.conservatives.com.