The radical plans the Tories are keeping under wraps

So what is George Osborne really up to? If Coffee Housers are feeling depressed at the paucity of ambition in his speech (his ‘cuts’ package  would shave just 1% off government spending) then take heart. In the magazine today, James Forsyth lists the far-more-radical changes that are being discussed by the Cameroons – but kept under wraps. The full piece is here, and the main points are…
 
1)   Corporation tax cuts. No mention was made of a growth agenda in the speech, but there are plans to cut Britain’s company tax rates quite aggressively with Ireland’s 12.5% as a lodestar. Osborne wants Britain to have the lowest corporation tax rates of any major country, so we can imagine that his current proposals to reduce it are a starting point.

2)   Bank windfall tax.  They’d have a new rule saying that banks are not allowed to write off their cumulative losses against tax.