Nick Clegg follows David Cameron in hinting at lower taxes. It was a long standing Lib Dem policy to increase the basic rate of income tax by 1 pence in the pound to increase revenue, but presumably after 11 years of Labour stealth tax increases this is no longer necessary.
Clegg aims to increase taxes on the wealthy, by closing loopholes on tax avoidance and high rate tax band pension relief. Cameron will ‘share the proceeds of growth’. Only Labour remain wedded to ever increasing taxes.
I am all in favour of tax cuts, but they could be much more dramatic if they would cut spending and improve efficiency. And Quangos, the EU and the huge number of middle managers in the public sector should be the first places to look for savings.