Friday, 12 December 2014

Miliband rules out deficit cut details


Ed Miliband has stated that Labour will not reveal the level of cuts it intends to make to balance the current deficit until after the election. In a speech to the Institute of Chartered Accountants, the Labour leader promised his party would not make any spending commitments that are paid for through borrowing, adding that the deficit in day-to-day spending would be cut every year until it was brought in to balance. He did however confirm that the wealthy would be asked to pay more, through the restoration of the 50p rate of income tax, a new "mansion tax" on expensive homes, a bankers' bonus tax and the reversal of a planned cut in corporation tax.

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