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LABOUR WOULD RAISE TAXES AFTER ELECTION TO PAY DEBTS

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Lotus Feet
User ID: 776324

United Kingdom
11/24/2009 5:31 PM
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LABOUR WOULD RAISE TAXES AFTER ELECTION TO PAY DEBTS

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Queen's Speech: Labour would raise taxes after election to pay debts
Taxes will have to rise after the general election to help pay off the national debt and finance new care plans for the elderly, Lord Mandelson has indicated.

By Andrew Porter, Political Editor
Published: 6:45AM GMT 19 Nov 2009
The Prime Minister has been careful not to risk a backlash by stating that new tax rises are inevitable – something many commentators believe is necessary if Britain is to start putting the country’s finances back in order. But Lord Mandelson, the First Secretary, said that "there will be changes in tax and public spending".

The prospect of further tax rises came as David Cameron attacked Gordon Brown for running out of “money, time, ideas and courage” in the wake of one of the shortest ever Queen’s Speeches.

The Queen took under seven minutes to deliver just 736 words that made up Labour's legislative plans for the next Parliamentary session. It included new bills designed to tackle social care, bankers’ bonuses and education accountability.

In yesterday’s Speech, a new law was unveiled to commit the Government to halve the national deficit, which will reach at least £175 billion this year.
Labour is now under pressure to reveal in next month’s Pre Budget Report and next spring’s eve-of-election Budget the detail of how their target for deficit reduction will be achieved.

Lord Mandelson said: “What it [the new bill] locks in is a commitment to strong discipline for this and future governments that they will act in a fiscally responsible manner.

“We will rebalance the public finances over the medium term and we will cut our cloth accordingly.

“Of course, there will be changes in tax and public spending - so much is obvious. But when, how and on what basis in relation to which areas of government expenditure is something that the Government will address initially in the Pre Budget Report and again after the election.”
Income tax rises for top earners will be brought in next year and National Insurance will go up in 2011 under current plans.

Carl Emmerson, of the Institute of Fiscal Studies, predicted that taxes over the longer term will also have to rise.
“The Treasury has a big hole to fill and half of it will be dealt with by tax rises up to 2014. They have not yet said how they will deal with the other half, from 2014-17,” he said.

[link to www.telegraph.co.uk]

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