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Cameron Pledges Five-Year 'Tax Lock'

by Robert Lee, Tax-News.com, London

01 May 2015


The UK Conservative Party has pledged a "five year tax lock," and said that it will not hike income tax, National Insurance, or value-added tax (VAT), or broaden the VAT base if it wins the May 7 general election.

Party leader David Cameron said: "Working people in this country have paid enough tax. As this economy recovers, I want you to be able to keep more of your own money, to spend as you choose. That is the choice. Take-home pay going up with the Conservatives, or take-home pay going down, because they've put up your taxes with Labour."

He added: "I'll keep your taxes down, I'll be cutting your taxes. You've paid enough. It's time for waste in government to go. It's time for reform of welfare. It's not time for higher taxes on working people. That's the right choice. That is the right future for our country."

Responding to Cameron's announcement, Labour's Shadow Chief Secretary Chris Leslie said: "This is a desperate last minute gimmick from the Tories which nobody will believe a word of. David Cameron broke his promise not to raise VAT last time and if he gets the chance he'll do the same again. That's because the Tories have made billions of pounds of promises without saying where the money is coming from. And they have extreme plans to double the pace of spending cuts next year which will see them slash tax credits for working families. Labour's policies are fully-funded, which is why our manifesto pledged not to raise VAT, National Insurance, or the basic and higher rates of income tax."

TAGS: tax | value added tax (VAT) | United Kingdom | tax credits | social security | individual income tax | Work

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