It’s only a few weeks until Budget day and the papers are filled with reports of the various revenue-raising measures being considered. After plans for a mansion tax were dampened down by government sources, ideas being mooted include cuts to pension tax relief and a fuel duty hike. Who the burden falls on will reveal a lot about which voters the Conservatives believe will win them an unprecedented fifth term in government.
Key to this is the level of appetite in No. 10 to please the North at the expense of the South. Some reports of proposed Budget measures – including a recurring property tax – have been a cause of uproar among traditional Tories. The recently departed chancellor Sajid Javid was tied in by his fiscal rules that limit borrowing. His successor Rishi Sunak will review these, which could lead to more breathing space on spending.
But that doesn’t mean revenue-raising menus are off the menu.
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