The good: Both the Brexit and Green parties have announced that they would scrap HS2. Indeed the Brexit party has cited the TPA’s Great British Transport Competition for their plans to invest in transport infrastructure. Furthermore the party has called for the immoral inheritance tax and the outdated BBC licence fee to be scrapped.
There were some encouraging signs for businesses as Labour called for a review into business rates and has suggested a land value tax as a viable alternative, as have the Liberal Democrats. It’s good to see that both parties recognise the seriousness of the situation that affects high streets up and down the country. The Conservatives have tentatively pledged to increase the national insurance threshold to £9,500 – meaning a tax cut of around £400 for every worker.
The bad: Unfortunately the Conservatives, Labour and Lib Dems all remain committed to pushing ahead with HS2 despite the ever-rising costs and minimal public support. There has also been disappointing news on their stances to corporation tax. Boris Johnson recently announced that the planned reduction to 17 per cent has been postponed. The Lib Dems, Labour and Greens have all outlined plans to increase corporation tax. This despite clear evidence that shows revenues have increased as the rate has fallen. Let us not forget that our recent polling revealed the public’s desire for lower taxes on business.
The Brexit party are pushing for an online sales tax to help high streets but all it would do is raise consumer costs and limit choice for those who struggle with the cost of living. Labour’s grand plans for mass nationalisations will come at a staggering cost to taxpayers both now and in the future with large-scale borrowing that will have to be paid off.