Friday, 12 March 2010

'No more tax rises' gaffe by minister: He insists £178bn deficit is under control

Daily Mail
"A Treasury minister caused astonishment last night by apparently ruling out tax rises for the next four years if Labour stays in office. ....The Institute of Fiscal Studies, Britain's leading independent economic body, has said the Government must deliver £13billion in spending cuts or tax hikes in order to restore international credibility.The Treasury has announced that £57billion will be found using a combination of tax rises and spending cuts over the next four years. But the IFS says £70billion will have to be raised - 5 per cent of national income - in the next parliament.Options include a three percentage-point rise in income tax rates and National Insurance contributions, or raising VAT to 21 per cent."

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