Sir geoffrey howe biography books
Sir geoffrey howe biography books
Sir Geoffrey Howe books and biography | Waterstones.
Budgets 1979 - 1992
1979 (April) Budget (Denis Healey)
A 'Caretaker Budget' introduced after the government had lost a vote of confidence and an election had been called.It merely allowed taxes to continue to be raised until a new government introduced its budget. It was framed with the co-operation of the Conservatives.
1979 (June) Budget (Sir Geoffrey Howe)
The first Budget of the new Conservative administration was introduced very quickly after the election.Geoffrey howe margaret thatcher
It represented a major change of direction for the economy. The increased reliance on interest rates and monetary policy to control inflation and a shift in the base of taxation towards taxes on spending rather than on income were two important aspects of this.
Sir Geoffrey Howe had been `Shadow Chancellor since 1975. In his first Budget he raised VAT from 12.5% (on 'luxury' items) and 8% (on most other goods) to a single rate of 15%. The basic rate of income tax was cut to 30% (from 33%) and the top rate from 83% to