Sorry Margaret, No Tea Parties in London

Sorry Margaret, No Tea Parties in London

Why is there no equivalent to the Tea Party movement in the United Kingdom?... A cursory review of the tax issues featuring in the May 6 election suggests that, if anything, the Tories are moving decidedly to the center. That's just the opposite of what's happening on this side of the Atlantic.

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Labour has been in power since 1997 and the sitting prime minister, Gordon Brown, faces a strong anti-incumbant backlash. Though trailing in the polls, Brown supports a new global bank tax. So does Conservative Party leader David Cameron. Brown supports the new 50% top marginal tax rate. So does Cameron. Brown refuses to lower the standard VAT rate; so does Cameron.

What's the
burning tax issue that divides them? A trifling one percentage point increase in national insurance contributions.

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David Cameron may yet win next week's election, but he's no Margaret Thatcher. And that's because there's little appetite these days for her brand of staunch conservatism. Further proof that all politics is local.

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View TaxAnalysts' Robert Goulder's opinion in its entirety on TAX.com.