DO-NOTHING insists we’re in too much debt, as a nation and individually. That’s why he’s said a future Conservative government will spend less than a Labour one.
So how would he pay for today’s announcement scrapping tax on savings for standard rate tax-payers?
I hasten to add that I’m not dismissing the proposal out of hand; it deserves consideration. But it will cost, and where would the money come from? Presumably not by borrowing, so… cuts?
According to the Conservative Central HQ guidance on the 2.5 per cent VAT cut, it isn’t a “cut” because it “will need to be paid for by other means (such as general taxation) so it’s effectively a loan anyway.”
So if the VAT cut isn’t a cut, what would Do-Nothing’s latest plan be? It’s surely not good enough to suggest (as many Tory commenters are surely about to on this very site) that if it’s carried out by a Labour government, it’s not a cut, but if it’s carried out by a Tory government, then it is.
UPDATE @ 8.27 pm: On reflection, I think this post is a tad ambiguous. I’m talking about two separate things: tax cuts and cuts in expenditure. So is Do-Nothing’s proposed tax cut an actual tax cut, or is it (as the Tories would have it) in the same league as the VAT cut and not a tax cut? Have I just confused things even further?