Even before the budget, most taxpayers have a £200 income tax cut this April, announced in last year’s budget.
This isn’t a tax cut for the wealthiest. This is a tax cut targeted at low and middle income earners.
It’s the first part of the tax cut Liberal Democrats promised in the general election, with our income tax reform ideas to exempt the first £10,000 you earn from tax.
This April, nearly one million low paid will be taken out of income tax altogether, with over 25 million enjoying the £200 tax cut.
In Kingston, that means around 1,000 low paid workers no longer caught by income tax, and nearly 57,000 people gaining £200.
The Liberal Democrats’ Treasury Minister, Danny Alexander, has made clear our budget will continue towards our policy of £10,000 tax free.
Why are we cutting taxes, as we cut the huge deficit inherited from Labour? Because we want to ensure the recovery is a fair recovery. And we want to help hard-pressed lower income groups, and so aid growth.
This will be coupled with measures targeted at young people.
Already the Business Secretary, Vince Cable, has increased apprenticeships by 50,000. The budget will go further, with more places aimed at young people out of work.
For the main Budget focus is jobs and growth.
Since Christmas, I’ve been leading three of the growth review exercises: on trade and investment, competition and corporate governance. Presenting our ideas to the Chancellor and Vince Cable.
After taking tough decisions to save the economy from Gordon Brown’s mess, we will show we can restart our economy. And enjoy fairer growth.