Online financial news

George Osborne, the shadow chancellor, has today ruled out additional tax rises as a way of reducing the UK budget deficit and national debt. He believes that the recently announced Labour Party initiatives regarding tax increases in the short to medium term, together with savings from the public sector, will be more than enough to reduced UK debt and bring the budget deficit under control.

This has now given the Labour Party something of a headache because aside from attacking the announced reduction in national insurance contributions, the Conservative party has announced no more new tax initiatives to criticise. It is also a very dangerous strategy to attack the intention of reducing the cost of public services in the UK because ultimately many voters believe this is where excess spending in years gone by has caused the most damage.

So far there has been no immediate response from the Labour Party but there is no doubt we will hear something in due course, once a strategy has been agreed. Over the last few months the Labour Party has often caught the Conservative party off guard but it now appears as though David Cameron is back on track and looking to put more and more pressure on the UK government.

Similar Posts:

• Will government cutbacks curtail recovery in the construction sector?
• Will Gordon Brown step aside if the Labour Party is ousted from power?
• Postelection spending cuts feared by many
• Vast Majority of California Voters Like Jerry Brown’s Tax Increase Plan
• Would a tax holiday for employers cut unemployment?