Labour and Tories in 'tax cuts war'
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.A bidding war to help people through the financial crisis by cutting taxes has begun between Labour and the Conservative Party, after Gordon Brown hinted that the Government would announce a substantial programme of tax cuts later this month.
The Prime Minister has said there was an "emerging consensus" that tax cuts were needed alongside the surprise 1.5 per cent interest rate cut announced by the Bank of England.
The Chancellor, Alistair Darling, is expected to announce a multibillion-pound tax cutting programme, funded through increased borrowing, in the pre-Budget report. He has not yet made a decision on how the cuts will be introduced but an extension to tax credits and the winter fuel allowance are among measures thought to be under consideration.
The Conservative leader, David Cameron, has also hinted tax cuts are needed, but said he would not increase borrowing. The Conservatives are expected to announce a "funded" tax cut measure this week. The Tories have promised to freeze council tax for two years, increase the inheritance threshold and allow businesses to delay VAT payments. Senior Conservative figures criticised the Government's policy of increased borrowing. The shadow Defence Secretary, Liam Fox, said Gordon Brown appeared to have "maxed out the country's credit card" and now wanted to "open another one".
The ICM opinion poll for The Sunday Telegraph showed the Conservatives are still 13 points ahead of Labour on 43 per cent, despite Labour's strong showing in the Glenrothes by-election.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments