Tories 'would axe one tax a year'

Mr Letwin will address the Politeia think tank this evening

A Conservative government would axe one tax every year, shadow chancellor Oliver Letwin said on Monday.

Mr Letwin told the Politeia think tank that the current system "misleads and misinforms" the taxpayer.

And setting out his "road map for tax", Mr Letwin pledged "methodical, long-term reform".

The Treasury must maintain "unwavering scepticism about the use of the tax system as a means of achieving an economic New Jerusalem", he said.

Plucking the goose

Mr Letwin added that it was vital to address not only how much tax was raised but also the way the Treasury collects it.

And he accused the chancellor of being a disciple of Jean-Baptiste Colbert, Louis XIV's finance minister, who defined good tax policies as "plucking the goose so as to obtain the largest number of feathers with the least possible amount of hissing".

Mr Letwin used the speech to reaffirm the Conservatives' dedication to reducing tax, saying: "We are motivated by the belief that hard-working families should be allowed to keep more of their money."

Conservative tax and spending plans are expected to be set out in more detail by Mr Letwin next month.