WASHINGTON, April 21 British finance minister Philip Hammond said on Friday that earlier promises not to increase key taxes limited his ability to manage the economy, as his Conservative party prepares to set out its manifesto for an election on June 8.
The CIOT is urging the Government to drop the majority of the current Bill and keep only those measures essential to maintain the Government's revenue raising capacity, such as renewing the provision of income tax, and other measures which are required urgently, such as anti-avoidance provisions.
And I want to see Britain as a high skill, high unemployment, high growth, low tax economy.
"We're not a low-wage country, we're not a country with a managed exchange rate, the Americans don't see anything about the United Kingdom they find to dislike in trade terms".
Asked about the potential for USA financial deregulation, including new studies ordered by Trump of regulatory burdens imposed by the Dodd-Frank post-crisis reform law, Hammond said he believes these efforts may be "incremental" steps more aimed at easing burdens on smaller banks.
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"I'm a Conservative. I have no ideological desire to to raise taxes", he said. "We have no sense that the U.S.is about to embark on something that would endanger the stability of the worldwide financial system or would endanger our financial services relationships with it". We need to get the fiscal accounts back into shape.
We do need flexibility to manage the system and we do need to make sure that Theresa May and her Government have a clear mandate to execute our plan.
Mrs. May said: "Let's be clear".
At an event in her electoral district of Maidenhead, May offered more clues to the contents of the manifesto, saying Britain's commitment to spend 0.7 percent of gross domestic product on foreign aid "remains and will remain".
The policy priorities cast Mrs. "Morally right, strengthens United Kingdom influence & was key to creating modern compassionate Conservatives".