11-23-2022, 08:01 PM
The Liberal Party notes this week’s Autumn Statement with its mix of tax rises and cuts to expenditure as the nation faces a sustained period of recession and lost economic activity.
Whilst the party understands the need to balance a budget shortfall estimated at £55 billion, we believe this statement concentrated too much on taxing income for middle and low earners and made no attempt to tax accrued wealth.
We need to improve the availability of labour in our country to reduce supply shortages much along lines If we are to grow the economy and to take steps to help small business growth, something other parties talk about but fall to deliver
To support families and business we would:
* Increase the Personal Tax Threshold from £12,500 to £20,000 allowing people to retain more of their earnings
* Equalise the Income Tax/Capital Tax Gains/Dividend Tax at the same rate
* Free up to 1.2 million SME's from paying Corporation Tax (over 80% of companies) by lifting the minimum threshold to £100,000, whilst raising the rate from 19% to 20%.
Whilst the party understands the need to balance a budget shortfall estimated at £55 billion, we believe this statement concentrated too much on taxing income for middle and low earners and made no attempt to tax accrued wealth.
We need to improve the availability of labour in our country to reduce supply shortages much along lines If we are to grow the economy and to take steps to help small business growth, something other parties talk about but fall to deliver
To support families and business we would:
* Increase the Personal Tax Threshold from £12,500 to £20,000 allowing people to retain more of their earnings
* Equalise the Income Tax/Capital Tax Gains/Dividend Tax at the same rate
* Free up to 1.2 million SME's from paying Corporation Tax (over 80% of companies) by lifting the minimum threshold to £100,000, whilst raising the rate from 19% to 20%.