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18-Nov-2017 01:00

No matter who is in charge of the Tory party, the future of our economy looks bleak.

We’re chugging along towards the buffers, borrowing more as we go.

This exploitation of overcomplicated tax legislation happens all over Europe, and the EU has been clamping down on companies who minimise their bills.

Amazon base themselves in Luxembourg (even though they have a huge operation in the UK), where they paid four times less tax than local businesses, following a “sweetener” deal with the government, agreed when EU President Jean-Claude Junker was Prime Minister.

Next month, the Office for Budget Responsibility will predict the Chancellor will have £17bn less to ease the financial pain of Brexit.

Two-thirds of Hammond’s much-vaunted war chest to finance big projects to kick-start the economy has been wiped away, as Britain’s output remains sluggish.

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If tax was at a flat rate, the IEA reckons that the poorest group in society would receive tax cuts amounting to 26 per cent of their gross income, with the next group seeing a 17 per cent increasing in income.

They’ve been failed by our feeble Chancellor, who continues to maintain the status quo – and we all know who that favours.



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