Good news, bad news
It makes a great deal of sense to tax capital gains, as it is suggested Jeremy Hunt is considering, the over emphasis on taxing income is maddening and stupid. You end up taxing the young and poor and leaving the old and rich to count their untaxed gains.
Just in terms of fairness it makes sense but also not taxing things in a similar war is amazingly distorting to economic investment and activity.
On the down side I somehow doubt it will be happening, older richer people vote Tory and have been convinced by decades of propaganda that they have paid enough tax.
Meanwhile cancelling nuclear power stations and rail lines probably will happen.
Of course, if you want to promote growth and better productivity then investing in infrastructure and reliable energy is just what you want to do. But once again the UK will cut what it should be spending more on, for a short term improvement in the accounts and a huge long term cost.
It is yet another price we are paying for the mini Budget, which was written by idiots who thought cutting taxes for millionaires would somehow boost growth.
Now we have idiots who think slashing investment boosts growth, it’s an improvement but not much of one.
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.
By Jonty Bloom Media