Tag Archives: public finance initiative

Opinion: subtexts rule! (or, why the subtexts of the budget and new roadbuilding plans are more important than the headlines)

By Paul Reynolds | Tue 27th March 2012 - 4:52 pm

This last week has demonstrated that a sailing ship without a destination will… well… just drift with the wind.

During this last budget week the Tories, under pressure from their backbenchers, reduced the 50% rate of tax for higher earners. Under the principle of Collective Cabinet Responsibility, Lib Dem ministers defended the change, implying that this concession has been granted in return for broader anti-avoidance tax measures for the better off, and the next step in the reduction in the number of lower earners paying income tax. BIS Minister Vince Cable weighed in dutifully with facts and figures showing that the …