Triple lock plan to end fiscal drag

THE INSTITUTE of Directors has offered up a bold new policy for George Osborne to consider in Autumn Statement week. The business group wants to see a triple lock system for income tax to ensure that the threshold for the higher rate increases each year by either the retail prices index, average wage inflation or by 2.5 per cent. The IoD says the change would end fiscal drag. Elsewhere, audit firm KPMG called on the chancellor to focus his attention on reducing the north-south divide by devolving power to regions around the UK.