23 Oct 2014

Parties urged to come clean on tax plans

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The Institute of Public Policy Research claims that the three main political parties are not being honest with voters about the spending cuts and tax rises needed after the general election. The think tank – which is favoured by Labour – said Ed Miliband’s flagship tax policies such as abolishing the married couples’ tax allowance and imposing a “mansion tax” make no contribution to deficit reduction because the money is earmarked for spending elsewhere. Spencer Thompson, senior economic analyst at the IPPR, said: “With all three parties committed to a course of deficit reduction in the next parliament, it is surely incumbent on them to let us know where they are planning to cut spending and what taxes they intend to increase. Between now and the election they need to spell out in much more detail their plans.”

Source:   The Daily Telegraph The Independent

“Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery. The blossom is blighted, the leaf is withered, the god of day goes down upon the dreary scene, and — and in short you are for ever floored.” What applies to Mr Micawber applies to countries as well. Voters know this. In their heart of hearts (if they have one) even politicians know this. A bit of honesty with voters wouldn’t go amiss.