Explainer: Darling's tax giveaway
Updated on 14 May 2008
Economics correspondent Faisal Islam on a day the chancellor used tax cuts to boost the economy and hoped to bury the 10p tax saga.
An unprecedented day in Britain's economic management. The two tonics for our economy, both fiscal policy - that's tax and spending - and monetary policy - that's interest rates - breaking new ground.
For 20 -odd years the lever of control over the economy has been mainly monetary.
Today the government spectacularly departed from that script, dusting off long forgotten Treasury manuals on using tax cuts to boost an economy.
And even more unprecedented - a huge tax giveaway, but no budget.
