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 biggest sources of revenue for the government mentioned in the text?

What challenges does the Conservative government face in reducing the deficit?

What specific benefits are likely to be cut under the Conservative government's proposed Social Security cuts?

How does the Labour Party's approach to taxation differ from that of the Conservatives?

What impact might increasing taxes on the rich have on government revenue, according to the text?