This new U-turn tax is hot and straight out of the oven.
According to Treasury insiders, the new tax will certainly not be left to cool at room temperature but will be freshly baked and ready for consumption, no extra VAT added, of course.
“It’s really quite simple, one comes out with a budget that was not thought out properly and then one has to go back to the press later with some U-turns in policy. Well, I’m going to tax those very U-turns and I think the revenue raised from taxing the U-turns will be quite substantial. In fact, we could pay for more legislative taxation on U-turns with the extra U-turn taxes,” Mr Osborne said from parliament yesterday.