The tax cuts proposed by candidates to be prime minister range from unwise to extraordinarily bad
like to think they are the party of economic competence. Although they have overseen some debacles in recent decades, they have typically had a clear vision for the British economy. In the 1980s, under Margaret Thatcher, they deregulated markets, privatised state-run industries and encouraged home ownership. In the 2010s their defining idea has been fiscal rectitude. By cutting spending and slightly raising taxes they have contained the rise of Britain’s public debt.
You might think that risking the biggest disruption to the economy since wartime was enough incompetence for one party. You would be wrong. Amid creaking public services—on which two-thirds of voters want more spending, even if it means higher taxes—the candidates are proposing huge tax giveaways, often directly to their supporters. Mr Johnson pledges to hand an average of £2,000 a year to the top 10% of earners. Jeremy Hunt wants to slash corporation tax from 19% to 12.5%.
Mr Gove rightly condemns “one-club golfers”, like Mr Johnson and Mr Raab, who want to cut taxes no matter the circumstances. But Mr Gove’s plan to scrapis a bogey. The tax distorts the economy less than most levies. It is also less regressive than is often claimed, because of exceptions for basic goods. And because it is paid by businesses throughout a supply chain, with each claiming back the tax paid earlier, it is hard to avoid.
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