...this Budget represents a continuation of the policies which we have pursued consistently for nearly nine years, and which we will continue to purs… - Nigel Lawson
" "...this Budget represents a continuation of the policies which we have pursued consistently for nearly nine years, and which we will continue to pursue—a continuation of the steps that we have taken in nine previous Budgets, and of the major reforms that we have introduced in other fields, too, all of them designed to encourage and reward enterprise and so to liberate the energies of the British people. The tax changes in this Budget consolidate Britain's move from a high-tax country to a low-tax country, at all levels. Since 1979, the top rate of income tax has been cut from 83 per cent. to 40 per cent. The basic rate has been cut from 33 per cent. to 25 per cent. The corporation tax rate has been cut from 52 per cent. to 35 per cent. The small companies' rate has been cut from 42 per cent. to 25 per cent., and the 15 per cent. additional tax on savings income has been abolished altogether.
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About Nigel Lawson
Nigel Lawson, Baron Lawson of Blaby PC (11 March 1932 – 3 April 2023) was a British politician. Originally a financial journalist, he was editor of The Spectator from 1966 to 1970. He was Chancellor of the Exchequer between June 1983 and October 1989 during the government of Margaret Thatcher and oversaw a sizable reduction in taxes as well as the privatization of many state-owned companies. He fell out with Mrs Thatcher over the issue of European monetary co-operation and resigned suddenly over her having supplanted him with one of her own advisers.
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Alternative Names:
Nigel Lawson, Baron Lawson of Blaby
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Lord Lawson
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Additional quotes by Nigel Lawson
Our achievement...has been to show that you can build far greater, and far more lasting, prosperity by letting people co-operate in the freedom of the market place than by making them submit to the coercion of Government regulations and state bureaucracy. If you look around the world today, East and West, even in Soviet Russia and Communist China, you will see that lesson being taken to heart... The truth is that a prosperous world based on free and open markets is a world of co-operation and interdependence between the people of all nations. By contrast, a world of closed, State controlled economies is a world disposed towards confrontation and conflict.
But despite the undoubted success so far, there is still a barrier along Scotland's road to prosperity. That barrier is the pervasive presence of a hostile attitude to wealth creation, to the enterprise culture on which economic success in a free society depends. That is not to say there is no enterprise in Scotland: of course there is. Rather that it is frequently swamped by an overriding sense of dependence on the state. Large areas of Scottish life are sheltered from market forces, and exhibit the culture of dependence rather than that of enterprise.
A national currency lies at the very heart of national sovereignty. A common currency is something that can only properly follow political union: it cannot precede it. It is significant that whereas the Zollverein or customs union paved the way to the German Federation a century ago, it was only after Prussia and Bismarck had achieved a political union, with blood and iron, that a common German currency could be born.
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