With no party capable of commanding an overall majority in the House of Commons, here is a brief recapitulation of what each of the main parties has promised on business, tax and the economy.

The UK may have to increase the basic rate of income tax by 6p in the pound, a leading think-tank has warned.

Possible tax rises have been high on the election coverage agenda as each of the parties sets out their plans for reducing the budget deficit, but little so far has been made of any hike in VAT.

A leading think-tank has argued that none of the three main political parties has ventured far enough in identifying the sort of spending cuts and tax rises that may be necessary to reduce the UK’s budget deficit.

A new government may have to give serious consideration to an increase in VAT, it has been forecast.

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