Chancellor told to restore confidence by setting business tax levy

“Declare Tax Rate Now, Says Lloyd,” read the headline.

“Mr Selwyn Lloyd MP, a former Conservative chancellor of the exchequer, last night offered the Chancellor, Mr Callaghan, a ‘constructive suggestion’. He said: ‘If the Chancellor wants to restore confidence and give industry a base to plan for next year, he will say now

Corporation Tax will be levied at the rate of 35%. If he says it, companies will know where they are.”

James Callaghan knew a thing or two about politics, and went on to be the only person ever to hold all four Great Offices of State, serving as Chancellor, Home Secretary, Foreign Secretary and Prime Minister.