Could Tory manifesto drop pledge not to raise income tax or VAT?

May urged to reveal pensions plan after dodging 'triple lock' question

Teresa May refuses to rule out tax increases once she wins the election

WASHINGTON, April 21 A free trade deal between Britain and the United States would be "relatively straightforward" to negotiate because the two countries are similar, high-wage economies with floating exchange rates, British Finance Minister Philip Hammond said on Friday.

But it is the clearest hint yet that Mr Hammond would like to see the 2015 manifesto promise on taxes significantly amended if not abandoned all together.

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.

"The Government is committed to lowering corporation taxes to ensure the United Kingdom economy remains competitive and an attractive investment destination, so that leaves the other three taxes that George Osborne pledged not to raise the rates on".

Hammond was stung last month when he was forced to ditch a tax rise on the self-employed in the face of opposition from fellow Tory lawmakers who said it went against the party's 2015 program. I say low tax, I mean sensibly taxed economy. But I also think we need to manage our economy sensibly and sustainably. We need to get the fiscal accounts back into shape.

Mrs. May said: "Let's be clear". May's Government firmly in the mould of her predecessor David Cameron, whose efforts to liberalise the Conservatives were unpopular with the right of the party. "The 0.7 per cent commitment remains and will remain". "Morally right, strengthens United Kingdom influence & was key to creating modern compassionate Conservatives".

Latest News