Johnson and the matter of tax

Boris Johnson has said his Government will announce a post-Brexit “tax cutting budget” within the first 100 days of being elected if the Tories gain power, but the Conservatives' manifesto shows the party has set out plans for net tax increases. A week ahead of the election, the Conservative party has revealed plans to pass a Brexit deal and unveil a new budget within the first 100 days in office. 

The Times has reported the party will include tax cuts in its Brexit budget and more spending pledges - many of which have already been announced. But the concept of a “tax cutting” Tory government is at odds with the party’s election manifesto, which outlines a net increase in taxation over the next five years. The party has accused Labour of being “reckless” spenders, while also claiming it will be able to splash huge amounts on public services itself without increasing taxes. The manifesto costing document, however, details the party’s plans for sourcing revenue to fund this spending. After scrapping previous plans to reduce corporation taxes, the manifesto reveals revenue from these taxes will actually more than double from 2020-20 to 2023-24. According to revenue predictions, money made from corporation tax will increase from £3bn to £6.3bn.

Overall revenue from taxes, which also includes health surcharges, plastic taxes and tax avoidance measures, will increase from £3.2bn to £7.3bn.