UK: SMITH ON ECONOMICS - BUDGET TEST FOR TORY TAX TOTEMS.

UK: SMITH ON ECONOMICS - BUDGET TEST FOR TORY TAX TOTEMS. - The Tories' belief that lower taxes are an incentive to growth should not be challenged. But, says David Smith, there is little scope for them to do much about it in the last Budget of the term.

The Tories' belief that lower taxes are an incentive to growth should not be challenged. But, says David Smith, there is little scope for them to do much about it in the last Budget of the term.

If it is November, it must be Budget month. And this Budget carries, of course, its own special significance. It is the last before the general election, perhaps the Conservatives' last serious throw of the economic dice.

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