Enoch Powell made a speech in Morecambe on 11 October 1968 on the economy, setting out alternative, radical free-market policies that would later be called the Morecambe Budget.
Powell used the financial year 1968–69 to show how income tax could be halved from 8s 3d to 4s 3d in the pound (basic rate cut from 41% to 21%) and how capital gains tax and Selective Employment Tax could be abolished without reducing expenditure on defence or the social services.
These tax cuts required a saving of £2,855 million, and this would be funded by eradicating losses in the nationalised industries and denationalising the profit-making state concerns; ending all housing subsidies except for those who could not afford their own housing; ending all foreign aid; ending all grants and subsidies in agriculture; ending all assistance to development areas; ending all investment grants; abolishing the National Economic Development Council; and abolishing the Prices and Incomes Board The cuts in taxation would also allow the state to borrow from the public to spend on capital projects such as hospitals and roads and on the firm and humane treatment of criminals.
Enoch Powell made a speech in Morecambe on 11 October 1968 on the economy, setting out alternative, radical free-market policies that would later be called the Morecambe Budget. Powell used the financial year 1968–69 to show how income tax could be halved from 8s 3d to 4s 3d in the pound (basic rate cut from 41% to 21%) and how capital gains tax and Selective Employment Tax could be abolished without reducing expenditure on defence or the social services. These tax cuts required a saving of £2,855 million, and this would be funded by eradicating losses in the nationalised industries and denationalising the profit-making state concerns; ending all housing subsidies except for those who could not afford their own housing; ending all foreign aid; ending all grants and subsidies in agriculture; ending all assistance to development areas; ending all investment grants; abolishing the National Economic Development Council; and abolishing the Prices and Incomes Board The cuts in taxation would also allow the state to borrow from the public to spend on capital projects such as hospitals and roads and on the firm and humane treatment of criminals.
Morecambe