Quote of the Day

Hamish McRae warns

“So from next year we are going to be paying a lot more tax. Can we realistically, under these circumstances, expect consumers to keep going and maintain economic growth? Or, put another way, most of the concern about the drag on growth has focussed on the impact of cuts in spending, but there may be a greater threat from increased taxation. It is a dreadful legacy and it comes from, I am afraid, Gordon Brown’s period as Chancellor.

Perhaps the most realistic view to take is to acknowledge that there is likely to be a dip in growth, maybe a period when the economy actually shrinks, in the first half of next year as the tax burden mounts.”


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