🗳 Ahead of the first Tory leadership ballot Oxford Uni's Prof Margaret MacMillan, Times Radio's ayeshahazarika, & Telegraph's camillahmturner discuss the historic significance of the events that led up to the Tory party's leadership election 💻
Paul Johnson, director of The Institute for Fiscal Studies - an economic think-tank - has been putting some of what we're hearing in context.Taxes are indeed rising to their highest level since the late 1940s, says Johnson. That's partly to do with the pandemic, but mostly it's due to the growth of the"welfare state", he says, for example rising spending on the NHS over decades.
Some candidates say that a low corporation tax rate will"pay for itself" to some degree - due to increased economic activity - is this accurate? While cutting corporation tax won't pay for itself, in the long-run it might have some positive impact on economic growth, he says.
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