The Free Enterprise Group of Conservative MPs will give a presentation at the Institute of Economic Affairs at 9:30 this morning in which they will call on George Osborne to cut business taxes, notably capital gains tax for long term investors [2]. Priti Patel writes for us that the Chancellor needs to "wake up" [3] to the fact that high tax rates are strangling growth. Pressure is also mounting from elsewhere – Lord Forsyth, Nick de Bois, and Mark Field all criticised the current economic strategy [4] at the weekend, Andrew Mitchell predicted that the Budget would bring internal dissent "to a head", while the National Union of Ministers now has two additional members in messrs Hammond and Cable [5]. As the FT [6] (£) notes, monetary policy is unlikely to ride to the rescue as the Bank of England's hands are tied by the inflation outlook. Every indication is that the Budget will plot a "steady as she goes" course. Every indication is that it will also leave some very unhappy backbenchers.
Read the full article here. [7]