As Chris Giles explains, the fiscal importance of the policies is dwarfed by the shortfall in tax receipts – at the macro level, today’s announcements changed very little. However, there were several new schemes, which begs the question: how will they be paid for? The answer: with help from HMRC. When it comes to filling holes in the budget, cutting down on tax avoidance is the new efficiency savings. Read more
© The Financial Times Ltd 2014 FT and 'Financial Times' are trademarks of The Financial Times Ltd.