10-01-2022, 05:34 PM
The Liberal Party has watched with dismay at the financial market’s negative response to the recent mini-budget and the fall in the value of the pound.
Whilst we fully support the funding of an energy price cap, unfunded tax cuts which add to a national debt, already at £2.4 trillion, risk’s damaging the long-term prospects for the economy.
As an alternative approach The Liberal Party’s Statement of Policy Direction, proposed to lift the income tax threshold to £20k taking potentially five million out of the tax benefits trap, whilst reducing benefits proportionately, and reducing the administrative burden of both tax and benefits.
Our policy document seeks to put more money into the pockets of ordinary people and reducing barriers to employment and would encourage to increase in the supply of labour by making work pay. This reducing one of the inflationary pressures on the UK economy.
The document is available on our party website in the Liberal Library section.
Whilst we fully support the funding of an energy price cap, unfunded tax cuts which add to a national debt, already at £2.4 trillion, risk’s damaging the long-term prospects for the economy.
As an alternative approach The Liberal Party’s Statement of Policy Direction, proposed to lift the income tax threshold to £20k taking potentially five million out of the tax benefits trap, whilst reducing benefits proportionately, and reducing the administrative burden of both tax and benefits.
Our policy document seeks to put more money into the pockets of ordinary people and reducing barriers to employment and would encourage to increase in the supply of labour by making work pay. This reducing one of the inflationary pressures on the UK economy.
The document is available on our party website in the Liberal Library section.