Lib Dems Set Out Financial Plans
Liberal Democrat Leader Nick Clegg has set out his party's plans to balance the books on time, in full and fairly.
The Deputy Prime Minister has spelt out - in unprecedented detail - how the Liberal Democrats will get to grips with the £27bn deficit and protect public services.
The Liberal Democrats will eradicate the structural current budget deficit by 2017/18 through a mix welfare savings, spending reductions and tax measures aimed at the wealthiest.
Our plans involve £12bn in departmental savings, £3bn in welfare savings, £5bn in tax rises and £7bn in reduced tax avoidance.
Specific measures to balance the books unveiled today include:
- A new High Value Property Levy: on properties worth in excess of £2m - raising £1bn
- Corporation Tax: limiting of interest deductibility - raising £800m
- Corporation Tax: restriction of loss relief - raising £650m
- Non Domiciled residents: increase in charges - raising £135m
- Universal Credit: Transition measure on capital allowances, protections and 30 hr rule - £420m
Shrewsbury & Atcham's Liberal Democrat candidate Christine Tinker said:
"The Labour party left the Coalition a note saying 'there's no money left' and are still refusing to apologise for crashing the economy.
"Five years on, we have started to turn the economy around in a fair and balanced way. But there is still more to do to finish the job.
"Labour want to borrow £70bn more than the Liberal Democrats, threatening our economic recovery. The Conservatives are no better. They want to savagely cut welfare by £12bn, singling out the most vulnerable people in this country.
"The Liberal Democrats will create a stronger economy and fairer society, cutting less than the Conservatives and borrowing less than Labour. Our approach is fairer, more balanced, more responsible and more progressive."
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