Tag: Institute for Fiscal Studies
‘It’s nonsense’ THIS is how much it REALLY costs the UK to remain in the EU customs union : Sunday Express
The whopping figure challenges the numbers reported in a study published earlier this week by the Institute for Fiscal Studies (IFS), which claimed the UK will only see a small reduction in prices after Brexit.
Macroeconomist Sir Patrick Minford, chair of the Economists for Free Trade group, dismissed the IFS numbers as “wrong” as he said they failed to consider crucial aspects related to the tariffs imposed by the EU.
Economists for Free Trade calculated the gain the UK will have from leaving the customs union will amount to four percent of the GDP – roughly £80billion.
According to Sir Patrick, the IFS report fails to consider two specific sectors with a huge impact on the British economy and UK households, the food and manufacturing industries, where the tariffs imposed are much higher, which makes the IFS assumptions “wrong”.
Source: ‘It’s nonsense’ THIS is how much it REALLY costs the UK to remain in the EU customs union : Sunday Express
UK parties not giving full picture on likely tax rises – IFS | Reuters
Britain’s two main political parties are not giving the public the full picture about how much taxes will need to rise in order to support public services after next month’s election, a leading think tank said on Friday.
Prime Minister Theresa May’s Conservatives were likely to need to raise taxes to balance the budget and maintain the quality of public services, while the opposition Labour Party’s plans to raise corporate taxes would hurt the wider public, the non-partisan Institute for Fiscal Studies said.
“Neither is being really honest with the public,” IFS director Paul Johnson said.
May has seen the Conservatives’ lead in opinion polls narrow since she unveiled her party’s policy pledges last week.
In a sign the election could be more closely contested than has previously been thought, YouGov said on Thursday that support for May’s party stood at 43 percent, down 1 percentage from a week ago, while Labour was up 3 points on 38 percent.
May had to backtrack on Monday on plans to make older Britons pay a greater share of their care costs, and has left the door open to raise income tax and payroll taxes.
“It is likely that the Conservatives would either have to resort to tax or borrowing increases to bail out public services under increasing pressure, or would risk presiding over a decline in the quality of some of those services,” Johnson said.
Source: UK parties not giving full picture on likely tax rises – IFS | Reuters
Think tank warns of ‘dishonest’ Labour tax plans | Daily Mail Online
Labour will raise taxes in the UK to their highest level since just after the Second World War – and ordinary families will take a hit, economists said yesterday.
Source: Think tank warns of ‘dishonest’ Labour tax plans | Daily Mail Online
MPs will enjoy £1,000 pay hike, while average worker endures 10% real term wage drop : RT Question More.
It is one rule for those that make the laws and another for those that do not, where is that in the question of Equality for it should be the other way round. Those with less should gain more than those with more to equate to equality.
If the MPs are to receive a further pay rise then they should forego all their expenses and also their subsidised bar, for what group of employees are entitled to drink at work and with their substantial pay rises they could more afford to pay the full price for their enjoyment.
61chrissterry 