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Same Old Chancellor, same old spin, says Wilson
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Reading East MP, Rob Wilson, today condemned the Chancellor for spinning his budget to pretend he is making tax cuts, when he is increasing the burden of tax on some of the country's lowest paid people.
The Chancellor announced a tax con not a tax cut when he said he was reducing income tax by 2 pence. In fact he is abolishing the 10p pence tax rate and putting up National Insurance Contributions for professionals like doctors. The 10 pence tax rate will now double for low paid people to 20 per cent. The three income tax changes made by the Chancellor raise an additional £340 million for the Treasury. Business taxes will also rise by £1 billion in 2008/9 and £1.8 billion the following year, despite a 2p cut in the headline rate of Corporation Tax. In a sign of the economy weakening, the Chancellor will be borrowing a further £8 billion over the next five years - on top of the £130 billion already allowed for in the Red Book. Rob Wilson said: "Gordon Brown is once again using stealth taxes on business and ordinary families to fund wasteful spending and borrowing. He has criticised the Conservative Party for its policy of "sharing the proceeds of growth", but that's exactly what he is doing. "The economy is not as healthy as Brown would have us believe as inflation is now at its highest for 16 years, we have a large structural debt, real take home pay is falling, business investment is at a record low and one million people are not in education, work or training. We now have long-term problems with our economy that will remain problems ahead." 21/03/07 |
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