Osborne plans tax cuts for future Government
12 Jan 2015
Chancellor George Osborne has announced plans to use a predicted budget surplus to cut taxes, should the Conservative party win the next election.
Chief Whip Michael Gove had previously claimed that a Conservative Government could eliminate the budget deficit by 2018 and have a surplus by 2020.
Mr Osborne said: ‘What Michael Gove is saying – and I completely agree with him – is the spending plans we have set out show you can deliver a surplus. The forecast surplus is £23 billion by the end of this decade.
‘Those spending plans deliver economic security and by having a surplus you can not only eliminate your deficit but you can start to get your debt down’.
Reinforcing the Conservative party’s long term goals in a recent speech, Prime Minister David Cameron said: ‘If we fail to meet this national challenge, the writing is on the wall. More borrowing, and all the extra debt interest that brings, meaning there is less money to spend on schools and hospitals and all the things we value as a country’.