Down without a burp
THE NEW fiscal supremo, Chris Kelly, perks up. 'We've got VAT on domestic fuel coming through,' he says, 'and the cut in mortgage interest relief — you might like to announce another cut for next year and the taxes on airports and insurance.' `Yes, I liked those. They went down with- out a burp.' That was because we did not call them VAT, Chancellor. People resent VAT and the rules are complicated — it would be difficult to catch the banks. . . ' `Banks? Now there's a popular tax for you. Sock 'em, Chris. I suppose books and mags have got away? No royalty on royalties from Royalty? And what about that wheeze for doing away with zero rating? So you'd either be exempt from VAT or you'd pay it? The House will miss the point and it could be worth a fortune.' The Customs are still studying it, Chancellor."Bah. I suppose I'll have to go for petrol. Call it an environ- mental duty. Isn't there some Royal Com- mission reporting? Well, then. Now what about spending? Have we got any cuts?'
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