George Osborne delivered a statement on the global economy, and answered questions from MPs, in the House of Commons yesterday. This is what the Chancellor had to say on taxation:
‘Here in Britain, the Plan for Growth that we announced in the Budget set out an ambitious path – 23 measures have already been implemented and another 80 are being implemented now ... On tax, we have already cut our corporation tax by two pence, with three more cuts to come in the next three years.
‘[Malcolm Bruce, Liberal Democrat MP] is absolutely right that we are taking more than one million low-paid people out of tax altogether, implementing the policy that the Liberal Democrats put forward at the general election.
‘People on benefits face incredibly high marginal tax rates if they find work. That is why the Secretary of State for Work and Pensions [Iain Duncan Smith] is, with my full support, seeking major reform of the welfare system, so we incentivise people off benefits and into work.
‘We are raising taxes in order to pay our international creditors and that interest is forecast to rise, sadly, over the Parliament, as we reduce the deficit. That is why it is so important to try to get debt falling by the end of the Parliament.’
George Osborne delivered a statement on the global economy, and answered questions from MPs, in the House of Commons yesterday. This is what the Chancellor had to say on taxation:
‘Here in Britain, the Plan for Growth that we announced in the Budget set out an ambitious path – 23 measures have already been implemented and another 80 are being implemented now ... On tax, we have already cut our corporation tax by two pence, with three more cuts to come in the next three years.
‘[Malcolm Bruce, Liberal Democrat MP] is absolutely right that we are taking more than one million low-paid people out of tax altogether, implementing the policy that the Liberal Democrats put forward at the general election.
‘People on benefits face incredibly high marginal tax rates if they find work. That is why the Secretary of State for Work and Pensions [Iain Duncan Smith] is, with my full support, seeking major reform of the welfare system, so we incentivise people off benefits and into work.
‘We are raising taxes in order to pay our international creditors and that interest is forecast to rise, sadly, over the Parliament, as we reduce the deficit. That is why it is so important to try to get debt falling by the end of the Parliament.’
