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28/10/2005
Davis pledges tax cuts
Tory leadership contender David Davis has pledged to reduce the average family’s tax bill by £1,200 if he becomes Prime Minster.
The Shadow Home Secretary said that he would commit the Conservative party to “spend wisely, cut taxes and generate growth”.
Mr Davis, who is making a speech at the University of London today as part of his leadership campaign, proposed a £38 billion reduction in taxes if the Conservatives won the next General Election.
He said that his plans could lead to a reduction of 8p in the basic rate of income tax – from the current 22p to 14p, which would save the average family around £1,200 per year by 2014/15.
The savings could also be used to reduce income tax by 2p, Mr Davis said, reduce corporation tax by 3p and lead to the scrapping of inheritance tax, stamp duty and capital gains tax entirely.
He said that the reductions would not require cuts in services, saying that they could be made possible by a reduction in the growth of public spending.
Mr Davis said that the plans would benefit the poorest in society.
However, Mr Davis’ leadership rival, David Cameron warned against making taxes the centre of a Conservative election campaign. The Shadow Education Secretary has not outlined any specific tax cuts.
Arriving at Bexhill in East Sussex for a meeting with Conservative activists, Mr Cameron told reporters that he didn't think it was "sensible" to outline tax proposals so far ahead of an election.
(KMcA/SP)
The Shadow Home Secretary said that he would commit the Conservative party to “spend wisely, cut taxes and generate growth”.
Mr Davis, who is making a speech at the University of London today as part of his leadership campaign, proposed a £38 billion reduction in taxes if the Conservatives won the next General Election.
He said that his plans could lead to a reduction of 8p in the basic rate of income tax – from the current 22p to 14p, which would save the average family around £1,200 per year by 2014/15.
The savings could also be used to reduce income tax by 2p, Mr Davis said, reduce corporation tax by 3p and lead to the scrapping of inheritance tax, stamp duty and capital gains tax entirely.
He said that the reductions would not require cuts in services, saying that they could be made possible by a reduction in the growth of public spending.
Mr Davis said that the plans would benefit the poorest in society.
However, Mr Davis’ leadership rival, David Cameron warned against making taxes the centre of a Conservative election campaign. The Shadow Education Secretary has not outlined any specific tax cuts.
Arriving at Bexhill in East Sussex for a meeting with Conservative activists, Mr Cameron told reporters that he didn't think it was "sensible" to outline tax proposals so far ahead of an election.
(KMcA/SP)
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