"A manifesto is based on a point in time, Tice told Times Radio. The principles behind it are absolutely rock solid. We said we've got to make very significant savings in order to fund a different way to run the economy. What's happened since then is that the state of the economy, because of the mismanagement by this Labour government, the numbers have got far worse. And we will be focusing relentlessly, as I've been saying, on the savings."
"Policies in the manifesto included raising the inheritance tax threshold to 2m, lifting the income tax personal allowance to 20,000 and the higher rate to 70,000 and reducing corporation tax to 15%. It also included tax relief on private school fees and cuts to fuel duty. As an aspiration, that is absolutely the plan, the principle behind it. But we cannot do any of this, given the state of the finances, until we deliver on the savings, Tice said. We're focusing on the savings, deliver on the savings, deliver"
A promised package of £90bn in tax cuts cannot be delivered under current public finances, with emphasis shifting to public spending reductions and savings prior to any tax cuts. Key manifesto aspirations included raising the inheritance tax threshold to £2m, lifting the income tax personal allowance to £20,000 and the higher rate to £70,000, reducing corporation tax to 15%, offering tax relief on private school fees and cutting fuel duty. Planned savings targets have included proposals to cut the civil service and scrap net zero measures, and earlier estimates of up to £350bn in cuts are expected to be revised. Spending reductions will be prioritised to create room for fiscal changes.
Read at www.theguardian.com
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