Lib Dem Shadow Chancellor Vince Cable has wasted no time in pointing out the huge gaps in the arithmetic of the Conservatives’ draft election manifesto. Earlier today, at the launch of the manifesto, David Cameron stated that his proposed inheritance tax cut would be paid for by taxing non-doms, saying:
“Every other spending pledge we have made, every tax pledge we have made, is fully costed and fully set out. If you take for example the pledge on inheritance tax, which we’ve said is not for a first budget but is a pledge for a parliament, that is to be paid for by taxing the non-doms, the people who live here but do not pay full tax here.”
However Vince was critical of both the principle of the inheritance tax cut and the Tories’ sums. He pointed out that the annual gap between the revenue from non-doms and the lost inheritance tax will grow from £350 million in the first year of the next parliament to almost £1.5 billion by 2015, a total of almost £6 billion. He said:
“It’s unbelievable that the Tories are still planning to cut taxes for a handful of millionaires when the majority of people across the country are feeling the squeeze. We need fair tax cuts that put money back in the pockets of ordinary people.
“The Tory sums simply do not stack up. It is irresponsible and highly misleading for George Osborne to continue to pretend that they do.
“If Osborne and Cameron can’t get these simple sums right how can they possibly be trusted to run the economy.”
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2 Comments
The Lib Dems will never be in power. They can say what they like. One minute they cuddle Dave, the next they cuddle Gordon. Here they seem to be cuddling the mendacious Gordon Brown quite a bit. Oh dear, remember the last time Labour showed you a bit of leg? Then they spit at both. Squeezed out fellas.
@ Jackson
When have you ever seen ANY announcements “cuddling” any other party? There have never been any, so what are you talking about?
Labour and the Conservatives may be trying to steal Lib Dem votes through their announcements, but that is another matter.
You will be forced to eat your words when your favourite party is left short of a majority and comes cap in hand to the Lib Dems looking for support.