Recent UK economic history has been characterised by high levels of unemployment, coupled with a high nominal Public Sector Borrowing Requirement (PSBR). It is no surprise that the two should coexist, and their inter-relationship is increasingly recognised. At least part of the current high...

While distributional considerations are paramount in the design of personal taxation, they are virtually absent from discussions about company taxation. Few financial journalists have made their careers from articles analysing the implications of the Budget for 'a typical 100-man firm in...

In the earlier article (Kay and Morris, 1979), we examined the effects of the 1979 budget on distribution and incentives by looking at the tax system as a whole in terms of a 'tax credit' and a marginal tax rate. Among equal yield systems, the higher the tax credit and the higher the marginal...