Unpacking the latest developments in tax and regulation policy in a month dominated by expensive promises from candidates vying for leadership of the Conservative party.
The Conservative candidates have been using June to promise significant amounts of cash to win over the hearts and minds of party members, from radical cuts to the headline rate of corporation tax, increasing income tax and National Insurance thresholds to relief for high street businesses from the burden of business rates. At the time of writing, these promises on tax policy add up to something in the region of £20bn per year. This is before other commitments on spending for police, social care and other public services are included.
Only time will tell as to whether these campaign promises can and will be delivered. Undoubtedly, officials in the Treasury will be concerned about how they will make the spreadsheet add up at the budget later this year. For business the main concern will be the growing belief that a no-deal Brexit can be managed with significant tax cuts, which economic evidence
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