Liam Fox will on Monday urge the chancellor to use his upcoming Budget to suspend capital gains tax and stop taxing savings and investments, in an effort to put more money in people’s pockets instead of in the hands of a “bloated state”.
The former defence secretary and flag bearer of the Tory right will call for all public spending to be frozen for five years and the ringfencing of budgets for the NHS, schools and international aid to be abandoned.
“I believe that the country will be at its best when the government is small and people are left to enjoy the fruits of their own labour,” Mr Fox will say in a speech to the Institute of Economic Affairs. “I believe that in leaving money in people’s pockets, economic activity will follow. People will buy houses, invest for their future or just go shopping.”
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