I wrote about this year’s tax credit claw back back in April, when Edward Leigh first highlighted it. I have just re-read my post, the thing that really get me is that no one in the media seems to be pointing the finger where most harm has been done.
This was his plan, his “big idea” and it isn’t working. Blaming Dawn Primorolo is pure folly; she is trying to implement a fundamentally flawed mechanism. She claims that overpayments will fall in the future, of course they will, people are being put off of claiming in the first place.
This system is all wrong, it hits the lowest paid the hardest, it provides a disincentive to accepting overtime or a promotion. I know lots of people who think that Gordon Brown is a good Chancellor. I disagree.
He made the Bank of England responsible for interest rates, good move. He has, since then, performed a string of policy cock-ups.
Selling of our gold at the bottom of the market. Pensions tax raid. Taxing small businesses out of existence. Introducing a tax credit claw back. I am sure that there are plenty of others; please feel free to let me know of any more that you can think of.