In today’s Times, David Laws, Liberal Democrat MP for Yeovil and former Chief Secretary to the Treasury , argues that the coalition must live with increased taxes on the rich as part of its deficit-reduction programme, but that reforming Britain’s complex and unfair tax system must be undertaken in earnest. Here’s an excerpt:
Under the last Labour Government tax policy was characterised, in the words of the Institute for Fiscal Studies, by “drift, punctuated by poorly thought-out changes”. A 10p in the pound rate of income tax was introduced and abolished. National insurance changes were made for political, not economic, reasons.
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The list is voted on by readers of Global Financial Strategy, and Sharon Bowles came out twentieth due to her role as Chair of the Economic and Monetary Affairs Committee. This committee of MEPs has an important role in debating and amending European-wide financial regulation, including new rules on bank capital and bankers’ bonuses.
