CLEAN : Planned UK tax lock would tie hands of govt: IFS

The video discusses the UK political landscape, focusing on the UKIP manifesto and the fiscal policies of the Conservative and Labour parties. It highlights the challenges of increasing government revenue without raising major taxes like income tax, National Insurance, and VAT. The Conservative party's tough fiscal targets involve significant spending cuts, particularly in Social Security, while Labour plans to increase taxes on the wealthy. The video also examines the impact of tax rates on high-income earners and the potential risks to revenue.

What are the three main sources of revenue mentioned in the first section?

• National Insurance, Corporate tax, and VAT

• Income tax, Sales tax, and Capital gains tax

• Corporate tax, Sales tax, and Property tax

• Income tax, National Insurance, and VAT

What is the Conservative Party's target for the current deficit?

• Maintain the current level

• Eliminate it within three years

• Increase it to fund social programs

• Reduce it by half in five years

Which benefits are likely to face cuts according to the Conservative Party's plan?

• Pensioner benefits

• Working-age Social Security benefits

• Corporate subsidies

• Education grants

How does the Labour Party plan to address economic inequality?

• By increasing taxes on the rich

• By cutting benefits for the wealthy

• By increasing VAT

• By reducing corporate taxes

What is a potential risk of increasing taxes on high-income earners?

• It could result in lower overall tax revenue

• It may lead to increased inequality

• It will automatically increase government revenue

• It will have no impact on the economy