Budget Tax Proposals

There will inevitably also be those who will greet it with a yawn. Some of what he is expected to say has already been broadcast. We all hope that whatever new measures he puts in place will give confidence back to the economy. I hope it will finally bring an end to risky lending and encourage the responsible lending by Banks and Building Societies to first time buyers, needed to stabilise the housing market.

It is also hoped that it will bring a slow down to the number of those loosing their jobs and further encourage job creation schemes. It is of greater benefit to all to create jobs than to pay benefits. That is one of the aims of the Liberal Democrat tax proposals announced yesterday, along with the aim of putting more money in the pockets of those who have to spend their income to survive and have no savings to rely on.

Thousands of people will be taken out of income tax altogether by the new tax proposals launched by the Liberal Democrats. Thousands more will see their income tax bill slashed by 700 a year.

The plans were launched on Monday by our Party Leader Nick Clegg, who said that they would boost family budgets battered by rising food, power and transport prices.

The plans call for the personal tax allowance to be raised to 10,000 and will lift families on low income out of income tax altogether. People earning over 10,000 will pay 700 less income tax a year, paid for by ending the loopholes and tax avoidance schemes used by the wealthy and big corporations.

Ordinary people are struggling because of the recession. Now is the time to make a far reaching and permanent change to the tax system that benefits those on low and middle incomes. Liberal Democrats want to see more money left in the pockets of ordinary people rather than taken away by the Government.

I hope the Chancellor has been listening to Liberal Democrats. Wednesday's budget speech is eagerly awaited.