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Howe to lead Tory taxation review | Howe to lead Tory taxation review |
(about 10 hours later) | |
Former chancellor Lord Howe is to lead a review of taxation policy for the Conservative Party. | Former chancellor Lord Howe is to lead a review of taxation policy for the Conservative Party. |
Shadow chancellor George Osborne made the announcement as he unveiled plans for a fundamental rethink of how tax policy is drawn up. | |
In a speech to the Policy Exchange in London, Mr Osborne called for a fiscal system "for the 21st Century". | |
He also said Chancellor Alistair Darling "will never recover a reputation for competence". | |
Mr Osborne accused the government of having a tax policy driven by short-term political goals rather than long-term economic consequences. | |
Budgets and pre-Budgets are driven by the shortest of short-term political considerations, with little apparent regard for the longer-term economic consequences George OsborneShadow chancellor | |
He said the government's "clumsy" attempts to introduce a levy on wealthy foreign business people - the so-called non-domiciles - and "ill-judged" changes to capital gains tax have sent out a "toxic mix of complexity, uncertainty and negative symbols". | |
Mr Osborne said the government's proposals - a "cack-handed attempt to outfox" the Tories - have damaged Britain's reputation as a place to do business. | |
'Serious consequences' | 'Serious consequences' |
He told the Policy Exchange think tank: "We need a fundamental rethink to prepare our tax system for the 21st Century. | |
"But there is no evidence that the present government understands these long-term challenges to our tax system, let alone has any plan to address them. | "But there is no evidence that the present government understands these long-term challenges to our tax system, let alone has any plan to address them. |
"Instead, Budgets and pre-Budgets are driven by the shortest of short-term political considerations, with little apparent regard for the longer-term economic consequences." | "Instead, Budgets and pre-Budgets are driven by the shortest of short-term political considerations, with little apparent regard for the longer-term economic consequences." |
Mr Osborne also turned his fire on embattled Chancellor Alistair Darling. | |
Referring to the ongoing efforts to rescue Northern Rock, as well as other recent problems, he said: "I suspect the Chancellor of the Exchequer will never recover a reputation for competence. | |
"But what concerns me is the damage done to Britain's long-held reputation as a stable and predictable place to do business. | "But what concerns me is the damage done to Britain's long-held reputation as a stable and predictable place to do business. |
"If the damage to our reputation is not to be lasting, we urgently need a new approach." | "If the damage to our reputation is not to be lasting, we urgently need a new approach." |
Of Lord Howe, who was chancellor from 1979 to 1983, Mr Osborne said: "I look forward to receiving the conclusion of Geoffrey's group so that we can embed Adam Smith's principle of certainty in a new way of making tax law." | |
He announced plans to set up an Office of Tax Simplification if the Conservatives win the next election. |
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