View more on these topics

Lib Dems to set out plans for £8bn in tax rises

The Liberal Democrats will set out their economic plans for the next Parliament, including £8bn worth of tax rises, later today.

The BBC reports Liberal Democrat leader Nick Clegg will also set out proposals for £16bn in spending cuts in a speech in London.

The party promises to balance the books by 2017/18 and says its plans do not require any increase in the headline rates of taxation: income tax, national insurance, VAT or corporation tax.

Clegg will say the Lib Dems would raise benefits, excluding pensions and disability payments, by 1 per cent a year.

The party has renamed its plans for a mansion tax to a “high value property levy”, which it says would raise £1.5bn, while a crackdown on tax avoidance would save £6bn.

The deputy prime minister will say: “It is incomprehensible to most people that you would try and balance the books without asking for a contribution from the wealthiest people in our country.

“Liberal Democrat plans are for a bigger tax contribution from those who can afford to pay – the wealthiest individuals and big businesses which are not always paying their fair share.”

The Lib Dems are pledging to protect low and middle-income earners as well as spending on education, the NHS and foreign aid.

There would also be an increase in the banking levy and changes to the tax deductibility of interest payments.

The Conservatives have also committed to balancing the country’s finances by 2017/18, but have said they will not raise taxes.

Labour has set out a number of tax rises, including a mansion tax on expensive homes and a bank bonus levy.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com