He will create the headroom for tax cuts mainly by tightening the squeeze already imposed on Whitehall departments. And whoever takes over after the election will find gaping funding holes, empty coffers, high debt and low growth.
Here we compare six earlier poison pill budgets. Derick Heathcoat-Amory, 1958.The 1950s were characterised by tax-cutting administrations, but the Conservatives' budget before the 1959 general election was an extreme example bursting with baubles including cuts to income tax, purchase tax (a forerunner of VAT) and beer duty...
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