Why don’t we just abolish the income tax?

Whew! In a bold statement of intent, the Tories said today they “will consider” cutting taxes. Wear them medals with pride, boys. You’ve earned them. Predictably Labour are calling proposals – mere proposals, not policy mark you –  to trim a mere £14bn from government spending a “lurch to the right” that would leave Britain in some kind of mysterious financial “black hole”. Stuff and nonsense, of course, but the people – and much of the media – might just buy it. For more on John Redwood’s plans – such as cutting regulation, offering tax relief on donations to universities and, hurrah!, Lifetime Savings Accounts, see the fine fellows at the Adam Smith Institute.

More broadly, in the political context Fraser Nelson rightly says even more ambitious calls for £21bn in spending cuts are just:

a tiny sum when you remember Brown will this year spend £553bn of our money – rising to £682 billion in 2011/12.