 |
 |
 |
 |
Burstow says budget doesn't go far enough
November 25, 2008 8:35 AM
Paul Burstow, MP for Sutton and Cheam, responded to yesterday's Pre-Budget Report, with a warning that it would not truly benefit the majority of people who are trying to make ends meet.
Alistair Darling announced that Government borrowing would exceed £100bn by next year and that he would therefore be abandoning the economic 'golden rule' which was one of Gordon Brown's flagship policies during his time at the Treasury.
The Chancellor announced a temporary cut in the rate of VAT however there is also a planned £5bn increase in tax, including a rise in National Insurance contributions.
After hearing the Chancellor make his announcement Mr Burstow commented;
'It seems that Alistair Darling is taking a huge risk with the financial future of our country but despite unprecedented, and potentially risky levels of borrowing he is not really offering help to those who need it most.
'The new 45p Income Tax will raise revenue from high earners but it hasn't closed the tax loopholes which exist for the wealthy. It is intended as little more than a sop to the millions of low earners who will face rising tax bills long after this VAT cut is just a distant memory.
'The Lib Dems want to cut income tax by 4p in the basic rate which would give each tax payer £550 back. I know from my constituency mailbag how much more this would be appreciated than the £1.50 saving people will make on a pair of jeans thanks to this temporary VAT cut.'
What would you like to do next?
-
Subscribe for updates
Follow the party's activity on...
- Twitter:
- Liberal Democrats
- Facebook:
- Liberal Democrats
- YouTube:
- Liberal Democrats