'What is most striking about the past two years is the sheer scale. Some nine hundred billion pounds, a sum unprecedented in British history, was allocated to the bank bailouts and stimulus programmes. Suppose that, instead, the country had been given an 18 month holiday from all taxation. No income tax, no VAT, no corporation tax, no stamp duty, no council tax, no NI contributions, no inheritance tax, no CGT. Just think of the stimulus effect that would have had.'

'What is most striking about the past two years is the sheer scale. Some nine hundred billion pounds, a sum unprecedented in British history, was allocated to the bank bailouts and stimulus programmes. Suppose that, instead, the country had been given an 18 month holiday from all taxation. No income tax, no VAT, no corporation tax, no stamp duty, no council tax, no NI contributions, no inheritance tax, no CGT. Just think of the stimulus effect that would have had.'

Daniel Hannan  in The Telegraph wonders if there might have been a better way...