We can be proud that the biggest tax cuts in today’s Budget go to millions of working families.
As a result of this Budget, someone working a full week on minimum wage will see their income tax bill cut by over 50% compared to under Labour.
Increasing the personal allowance to £9,205 takes us within touching distance of our number one manifesto pledge – ensuring no one pays any tax on the first £10,000 they earn.
Thanks to our changes, a basic rate taxpayer will be paying £45 a month less in tax than they would have been under Labour.
The Tycoon Tax, an increase in stamp duty for high value properties and other new taxes on wealth will raise five times as much as the 50p tax rate. Those with annual incomes of more than £150,000 a year will be paying on average an additional £1,300 a year in tax, as a result of this Budget.
Of course, this is a Coalition Budget and we did not get our own way on everything. Conservative priorities are not ours. But as on so many other issues, we have made sure that there is a real Liberal Democrat stamp on this Budget.
Lower taxes for more than 20 million working people; effective new taxes on the rich.
This is a Budget we can be proud of – a Budget for the many, not the few.