Could the Tories introduce a ‘Gordon’ tax?

Whatever happens at the next election, one thing is certain: public spending will be cut and taxes will rise. The public finances and national debt is so dire, (with each man, woman and child owing the equivalent of £30,000), that the double whammy of spending cuts and tax increases is now inevitable.

David Cameron is already preparing the public for this with his warnings about the ‘age of austerity’ and the need for Britain ‘to live within its means.’ He is absolutely right although he is unlikely to spell out the details of what a Tory Government will actually do until it gets into office. To get a better idea of what may happen, we need to monitor the likes of the right-wing think tank, Reform, who are doing some good work on putting forward ideas for tackling the bloated state.

For those of us on the libertarian right, let us hope an incoming Tory Government focuses its efforts on cutting spending. But as taxes rises will also form part of the programme, one idea being talked about in Tory circles is a tax that is introduced in the new Government’s first budget that would be time limited, possibly three years. It will be there to remind voters of Gordon’s debt – a sort of ‘Gordon’ tax.

Politically, it would be a smart move. But in reality, we are going to be paying off Gordon Brown’s debt for many more years than this.