Finally a Labour party policy we can agree with…cutting taxes…oh wait it is UK Labour not the Labour party in NZ.
George Osborne should cut income tax in next weekâ€™s Budget to kick-start Britainâ€™s economy, the shadow chancellor tells the Daily Telegraph.
In an interview with The Daily Telegraph, Ed Balls insists that a cut in the basic rate of income tax â€” funded by a temporary rise in borrowing â€” would ultimately pay for itself as it would spark economic growth.
He says â€śsomething must be done nowâ€ť as Britain is facing an economic depression â€ślike the 1930sâ€ť.Â
However, the shadow chancellor defends Gordon Brownâ€™s economic record, saying that the previous Labour government did not borrow too much, or increase public spending unreasonably.
Mr Ballsâ€™s demand for an emergency tax cut echoes calls from Conservative MPs and business groups that the Chancellor must introduce radical new tax policies in the Budget if Britain is to avoid a triple-dip recession.
However, George Osborne has indicated that he will resist the calls as his priority remains reducing the deficit and bringing Britainâ€™s borrowing under control.