Prime Minister David Cameron has indicated that he is considering passing on the savings his government has made on public spending cuts to British taxpayers, by implementing a tax cut in the near future.
The Prime Minister promised to instigate policy in the future which will ensure families of all wealth will have a ëbit of extra cashí, arguing that his recent spending cuts have been part of an ideological goal to transform the ëvaluesí of the country away from policies that build up public debt.
Instead, he argued that he wanted a meritocratic society where ëwork paysí, and those who endeavour to enter into employment are rewarded for their efforts via policies such as tax cuts, that can only be made affordable through the reduction of welfare distribution and public spending.
However, Labour have criticised the government for the tax cuts he has implemented in recent times, arguing that they are only intended to benefit the wealthiest in society and has made ëeveryone else worse offí.
Mr Cameronís remarks come a fortnight before Chancellor of the Exchequer George Osborne is set to make his annual Budget and political analysts have forecasted that its continents will form the basis of future economic policy for whichever party ascends to ten Downing Street after the 2015 General Election.
‘Economic security and peace of mindí
The issue of general taxation has been heavily debated by the countryís biggest political parties, with the Lib Dems and Conservativeís advocating tax cuts, whilst Labour are said to be keen to re-raise the top income tax bracket back up to 50%.
The coalition has argued that tax cuts are vital for helping ësqueezed familiesí have a higher level of spending power moving forward in the future, but Labour have criticised the government for implementing huge public spending cuts in order to subsidise this, which they have cited as ill timed and too quickly paced.
Mr Cameron identified: “Because every bit of government waste we can cut, every efficiency we can achieve is money we can give back to you. A bit of extra cash that can help a dad afford those trainers for his son or help a mum celebrate her daughter’s birthday with a meal out.”
He will add: “There’s something even more fundamental here about our values. If we don’t get to grips with the deficit now we are passing a greater and greater burden of debt to our children.
“It’s not just what we are doing that matters; it’s why. It’s all about values. And the most important value right now – after a difficult time for our country – is giving people a sense of economic security and peace of mind.”
ëCameronís true values revealedí
The Prime Ministerís avocation of future tax cuts and reduced public spending stem from his belief that real financial security comes from ëhaving more money in our pocketsí.
It is thought that senior members of his party advocate raising the threshold for the 40% income tax rate to £44,000, in a bid to attract middle class voters towards the Conservative party.
However, shadow chief secretary to the Treasury Chris Leslie has argued that all the administrations tax cut policies are heavily beneficial for the wealthy, and has reiterated previous Labour criticisms that the Prime Minister has little care for the working class.
Mr Leslie said: “David Cameron has revealed his true values by the choices he has made.
“He’s chosen to give the top 1% of earners a £3bn tax cut while everyone else is worse off.
“Working people have seen their wages fall in real terms by over £1,600 a year on average under David Cameron’s government.”