The former Cabinet minister has called for “Gordon Brown” levels of income and capital gains tax to similar levels; following the release of data earlier this week which suggested that the UK was in its first double-dip recession since the 1970s.
Despite the Chancellor cutting the top rate of income tax from fifty-pence during the recent budget, along with introducing faster reductions in corporation tax, Mr Redwood has claimed that George Osborne “should go back to Gordon Brown’s tax rates” adding “he got the tax rates right that we need for an enterprise economy.
“He should cut the top rate of income tax back to 40p and capital gains tax to 20p, to go alongside his corporation tax reforms.”
Former cabinet minister, Mr Redwood also added that lowering taxes would enable the Treasury to collect more revenues because Britain was more competitive; whilst the Labour party have also called on the Chancellor to come up with an economic “plan B”, with Ed Miliband claiming the austerity plan to “cut as far and fast as you can” had failed and urged Britain to take a lead from Barack Obama’s America.
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