TaxPayers’ Alliance responds to the chancellor’s economic statement

For immediate release

 

Commenting on the chancellor’s economic statement, John O’Connell, chief executive of the TaxPayers' Alliance, said:

“The chancellor announced a ‘plan for jobs’ but it’s tomorrow’s taxpayers who will have to work hard to pay for it all.

“While the jobs retention bonus will help ensure that the furlough scheme isn’t just an expensive pause on mass lay-offs, taxpayers will be concerned about how and when they will pay the bills for ever-more spending promises.

“It is cheering that the chancellor appreciates the economic benefits of cutting taxes and in particular lifting the stamp duty threshold will provide a boon to the housing market.

“That said, while easing the burden on taxpayers is always welcome, we must look at longer-term tax simplification and put a stop to temporary fiddles.”

 

Commenting on the temporary rise in the stamp duty threshold, John O’Connell, chief executive of the TaxPayers' Alliance, said:

"Stamp duty is a terrible tax and this measure will help get Britain moving again. 

“The tax on moving gums up the housing market and locks down homeowners, at a time when many more people are ready to move. 

"Raising the threshold to half a million pounds is a great first step towards ensuring only millionaires pay by raising the threshold further, or preferably just abolishing it completely.” 



Commenting on the new kickstart scheme, John O’Connell, chief executive of the TaxPayers' Alliance, said:

"The kickstart scheme could turn into a massive own goal for the jobs market.

“Subsidies for temp work won’t offer young people the proper opportunities they need to clamber onto the career ladder, but may only postpone painful youth unemployment.  

"Long term measures to boost jobs and investment, such as cutting the employers’ NI jobs tax, would be a much more sustainable answer."

 

Commenting on the new ‘eat out to help out’ scheme, John O’Connell, chief executive of the TaxPayers' Alliance, said:

"The bill for this unprecedented intervention will leave taxpayers with a bad taste in their mouths. 

“The truth is that a taxpayer-funded tenner off the bill is not enough to get the hospitality sector moving again. Many other measures - such as VAT and business rates holidays - have already been deployed. 

"The focus instead should be on updating covid guidance, ditching bad regulations and ensuring supply chains can get back to normal by making investment easier, rather than ministers meddling in our meals.”

 

TPA spokesmen are available for live and pre-recorded broadcast interviews via 07795 084 113 (no texts)

 

Harry Fone
Campaign Manager, TaxPayers' Alliance
harry.fone@taxpayersalliance.com
24-hour media hotline: 07795 084 113 (no texts)


Notes to editors:

  1. Founded in 2004 by Matthew Elliott and Andrew Allum, the TaxPayers’ Alliance (TPA) fights to reform taxes, reduce spending and protect taxpayers. Find out more about the TaxPayers' Alliance at www.taxpayersalliance.com.

  2. TaxPayers' Alliance's advisory council.

  3. The TPA recently released a series of tax proposals to help the economy emerge from the coronavirus crisis.

  4. The TPA has called for the stamp duty threshold to be raised to £1m, calculating this would increase transaction numbers by 31 per cent, or 220,000.

  5. The TPA also proposed 20 regulatory reforms to cut red tape and set homes and high streets free.
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