Friday 9 June will mark the beginning of a new era in UK tax policy. Whoever wins, it is clear that the era of political parties committing to lower taxes is over.

Stealth taxes and the never ending war on avoidance often increased the take, but the direction of travel was clear: a slowly declining headline rate of tax. 

With the demands on the state to deal with healthcare, an ageing population and education, the major political parties have made it clear that tax rates are going to be under pressure. Even the Conservatives are only pledged to 'keep taxes as low as possible', not a high bar against which to be measured.