Lord Forsyth calls for lower spending growth

In an excellent speech yesterday at the IEA's State of the Economy conference Lord Forsyth, chairman of the Tax Reform Commission, used his speech (PDF, via ConservativeHome) to set out just how much could be achieved if spending growth was controlled: the ruinous economic effects of high taxes that we could avoid, the money we could return to the pockets of hard pressed taxpayers.  If spending growth was controlled at 1.5 per cent per annum we could afford the measures outlined in the Tax Reform Commission report; taking 2.5 million low paid people out of the tax system, a reduction in the basic rate of income tax to 20 per cent, a transferable tax allowance for couples with children, abolition of stamp duty on UK shares and the ending of inheritance tax (as part of a reform creating a short-term capital gains tax).


We have to hope that the major parties are listening and Lord Forsyth's excellent advice will be heeded.

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