John Redwood takes on David Cameron
John Redwood, the maverick Conservative MP, has today stepped up his campaign to ensure that David Cameron thinks long and hard before increasing the capital gains tax rate in the UK. He claims to have been "swamped by support " from MPs and the UK public who are firmly against an increase in capital gains tax with rumours it could be increased from 18% to as high as 50%.
There are growing concerns that an increase in the capital gains tax rate would severely hit the finances of many with areas such as second homes and long-term assets hit hard, ultimately disadvantaging those who have saved for their future. Traditionally the Conservative party has been in favour of lower taxation and higher personal investment and personal wealth but many believe the introduction of the Liberal Democrat party into the coalition government has caused a sea change in potential tax changes.
This may well turn out to be the first serious challenge to David Cameron's new government with many Conservative MPs rumoured to be waiting for the chance to make him pay for "selling out" to Nick Clegg. It certainly seems as though David Cameron will have a battle on his hands to maintain the status quo within the coalition government.
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