When the Liberal Democrats first came into office, millions of low-paid workers were paying a higher proportion of their income in tax than the richest were. This was clearly unfair.
I’m extremely proud that this year we’ve been able to raise Personal Allowance for the second year in a row, meaning that 276,900 people in Cambridgeshire will get a £130 Income Tax cut and the number of people in the area who have been lifted out of paying any Income Tax will reach 8,200.
I’m committed to making reducing the tax burden on the very poorest a priority, a promise that was on the front page of our manifesto. Over 20 million basic-rate taxpayers have received a £330 tax cut since the Coalition Government came into power. We will continue to increase the Personal Allowance, the threshold at which people start paying Income Tax, until it reaches £10,000. This means that someone working full-time on the minimum wage will have had their Income Tax bill halved.
I am committed to Banking reform that will see a clear delineation between high street banking and risky commercial banking. Hopefully these measures will ensure that there will never again be as severe a banking crisis as we have recently experienced.
I am also extremely concerned that people are concealing their assets in tax havens around the world. Having would-be tax revenue siphoned off to a bank account overseas is very damaging to our economy and not at all fair.