Liberal Democrats back fairer taxes

Liberal Democrat Spring Conference today backed plans to increase the threshold at which people start paying income tax from current levels to £10,000.

These plans would see the average person's income tax bill cut by £700. Pensioners would be £100 better off and 3.6m people would no longer have to pay any income tax at all.

The party's tax plans will be paid for by closing tax loopholes, making polluters pay and introducing a 'mansion tax' on homes worth over £2m.

Commenting, Liberal Democrat Shadow Chancellor, Vince Cable said:

"It's high time that this country had a tax system that is fair for all.

"Gordon Brown created a tax system that has some of the lowest earners paying hundreds of pounds in taxes that they can ill afford while the very wealthiest treat tax as if it's optional.

"For their part, the Tories flail around in confusion over their marriage tax plans and can only commit to a tax cut for millionaires.

"The Liberal Democrat plans are the most radical, far reaching tax reforms in a generation and embody everything that we stand for: fairness, protecting the environment, rewarding hard work.

"It is right to ask those with the broadest shoulders to bear a little more of the burden so that millions of people on normal earnings get the break they need.

"We all know that the country is in for some tough times ahead. But we believe that it is simply not possible to address the problem of an unsustainable budget deficit without parallel action to rebalance the tax system and eliminate the unfairness at its core."