A new report from the billionaire-funded Institute for Government calculates that the Tories have completed or are on track to complete 137 manifesto pledges out of a total 237, with varying degrees of progress made on a further 75 commitments. This despite the effects of coronavirus…

The paper shows that on flagship promises like delivering Brexit, boosting funding for public services, and improving infrastructure, the government has made significant progress since the 2019 election. Brexit is over, an NHS funding rise of 3.1% by 2023/3 has been enshrined in law, and over £100 billion has been allocated for transport over the course of the parliament. The Towns Fund and Levelling Up Fund have also begun rolling out. As promised, Big Government is back…

The pandemic has caused a change of course in a few key places: initial spending plans went out the window, and there are now huge backlogs in the courts and on NHS waiting lists. Foreign aid commitments have been walked back, and a social care deal has been kicked down the road. With the next election rumoured for the end of 2023, there’s still a way to go…

Speaking on last week’s MoggCast, the Leader of the Commons Jacob Rees-Mogg laid down a stark warning to his fellow Cabinet Ministers on tax pledges. Responding to a question of whether breaking the manifesto commitment to spending 0.7% of GNI on foreign aid due to extraordinary circumstances allowed other manifesto commitments to be abandoned, Mogg explained the same logic does not apply to taxation.

“”Read my lips, no new taxes” George Bush Senior said this again, and again, and again. And then when it came to the Gulf War and the economic downturn, he broke his promise and he lost the ensuing election.”

Mogg stressed “public consent” exists in the case of cutting foreign aid (which it does in spades), implying that makes the move more legitimate than the election-losing consequences that might follow hiking taxes. He went on to stress that not raising tax thresholds would breach the manifesto by just as much as directly raising tax rates. “It’s a mistake to think you can follow the letter of a manifesto promise and not the spirit of it…”

The Conservative Manifesto promised to “unleash Britain”, with the aim of making Britain “the best place to start and grow a business”, promising that this government will “back entrepreneurs”. Yesterday the Sunday Times reported that there are budget plans to double capital gains taxes for entrepreneurs…

Guido has confirmed that the small print in the manifesto about “reforming and reviewing Entrepreneurs’ Relief” is an intention by the Treasury to double capital gains taxes for entrepreneurs selling their business. Treasury spinners have taken to describing it as a loophole. It is not a loophole, it was deliberately designed to encourage entrepreneurs to take risks and build businesses in Britain. George Osborne liked it so much he expanded the relief when he was Chancellor, such that it now enables company founders selling their businesses to pay capital gains tax at a rate of 10% up to £10m. It does not benefit billionaires, it is focused on small businesses.

The Treasury is spinning that Entrepreneurs’ Relief benefits only 5,000 people to the tune of some £100,000 each. This seems deliberately selective, the Federation of Small Business calculates that 38,000 everyday entrepreneurs benefit on average to the tune of £15,000. Last week more than 150 business people, including former trade minister Digby Jones and Luke Johnson, signed a letter to the chancellor calling on him to keep Entrepreneurs’ Relief in place. The letter, written by E2E, a group representing 23,000 entrepreneurs, wanted to know where was the review promised in the manifesto?

The one place that doubling capital gains taxes for British entrepreneurs will be welcomed is in the finance ministries of our EU competitors, where they are jealous that Britain is the tech start-up superpower of Europe. They will welcome new start-ups with open arms.