I know I don’t usually send you videos of the Prime Minister. But this one – where he tells me it would be impossible to raise the personal allowance to £10,000 – is worth watching again. Especially now the Tories are desperately trying to take credit for delivering it!
When you hear Conservative activists out and about, claiming that the £700 income tax cut was their party’s doing, remind them of this:
Not only did they oppose the policy before the last election; in the 2012 Budget, when I wanted to go further and faster to reach our £10,000 target, the Conservatives only agreed to it in return for a tax cut for top earners - cutting the top rate of income tax to 45p.
So while the Liberal Democrats fought for tax cuts for millions, the Conservatives prioritised tax cuts for millionaires.
Now I hear they’re considering a promise, at the next election, to raise the personal allowance to £12,500. That’s a great idea. So good, in fact, that we’ve already had it. This is almost identical to the Liberal Democrats’ plan to raise the personal allowance to the minimum wage – a commitment we agreed at our Spring Conference last year and which I want to see at the heart of our manifesto in 2015.
The Liberal Democrats are, and will continue to be, the party of fair taxes.
Enjoy the video – and tell us how you’ll spend your £700 here.
Nick Clegg MP