Earlier today I reported an Evening Standard exclusive that George Osborne was likely to accept recommendations by John Redwood to abolish inheritance tax for the main family home. Paul Waugh of the Standard wrote:
"Crucially, shadow chancellor George Osborne is set to endorse the plan when he appears alongside the report’s author John Redwood in the City tomorrow."
Just interviewed for BBC1’s Ten’o’clock News, George Osborne did not formally endorse the cut in inheritance tax. Instead he repeated the commitment to put stability before any talk of tax cuts and welcomed John Redwood’s own endorsement of this precondition.
"George Osborne, the Shadow Chancellor, who will attend today’s publication of the report in the City, will not embrace any proposal in it formally. However, he has already made clear that he regards the present structure of inheritance tax as unfair. In ideal circumstances it is a tax cut that he would favour, but he will insist today that the Tories will not promise any unfunded reductions at the next election."