Not sure why we trust politicians with important maths questions
I am sure like many interested in politics you watched the recent Conservative Conference with interest and have been left with the same question I am going to attempt to answer with this blog entry. We are being promised a balanced budget by 2020, and tax cuts at both the bottom end and at the 40% bracket in terms of improved allowances. How can that be made to add up, what level of pain is required in order to achieve it ? What is on Offer ?
The first headline announcement relates to personal tax-free allowances and is a raise from a current tax free allowance of £10,000 to a tax free allowance of 12,500. This is obviously a raise of £500 a year over a 5 year period. This equates to a 5% raise in the allowance in Y1 falling off to a 4.2% uplift by the final year…
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