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Balls urges tax cuts
Ed Balls has urged the Chancellor to slash taxes in his Budget in a bid to kickstart growth and avoid '1930s'-style depression. Mr Balls called for a VAT cut and a one-year 3p cut in income tax as he warned that Europe risked repeating the mistakes of the past if it continued with austerity programmes.
The Shadow Chancellor also ruled out a Labour government joining the euro as "inconceivable" and said "I don't think in my political lifetime there is any possibility" of dumping the pound. He said that George Osborne had been "trapped by the credit ratings agencies" into only focusing on cutting spending.
But Tory party deputy chairman Michael Fallon said that Mr Balls' plans would add £12bn to the national debt every year. "Ed Balls has clearly learned nothing from his time as Gordon Brown's right hand man," he said.
Mr Balls told the Andrew Marr programme: "I think it’s a very dangerous situation. We’ve been here before. Countries locked together in a deflationary environment, years of low growth and high unemployment. We saw it in the 1930s, think we are seeing history repeat itself. I think it’s important to learn lessons here in Britain, but also in the euro area."
Mr Balls' remarks came as he called for cuts in VAT and income tax in next month's budget. Writing in the Sunday Times, the Shadow Chancellor echoed Nick Clegg's suggestion that the rise in the personal allowance to £10,000 be brought forward. Mr Balls says that "without that decisive action in the Budget to boost growth, I fear we are in for a lost decade of slow growth and high unemployment".
In a move likely to cause Coalition tension, Liberal Democrat members are reportedly seeking a £16bn package of tax rises on the rich, including a 'mansions tax' on expensive houses, to help facilitate an accelerated increase of the income tax threshold. An emergency resolution will reportedly be put forward at the party's spring conference.
The Shadow Chancellor also ruled out a Labour government joining the euro as "inconceivable" and said "I don't think in my political lifetime there is any possibility" of dumping the pound. He said that George Osborne had been "trapped by the credit ratings agencies" into only focusing on cutting spending.
But Tory party deputy chairman Michael Fallon said that Mr Balls' plans would add £12bn to the national debt every year. "Ed Balls has clearly learned nothing from his time as Gordon Brown's right hand man," he said.
Mr Balls told the Andrew Marr programme: "I think it’s a very dangerous situation. We’ve been here before. Countries locked together in a deflationary environment, years of low growth and high unemployment. We saw it in the 1930s, think we are seeing history repeat itself. I think it’s important to learn lessons here in Britain, but also in the euro area."
Mr Balls' remarks came as he called for cuts in VAT and income tax in next month's budget. Writing in the Sunday Times, the Shadow Chancellor echoed Nick Clegg's suggestion that the rise in the personal allowance to £10,000 be brought forward. Mr Balls says that "without that decisive action in the Budget to boost growth, I fear we are in for a lost decade of slow growth and high unemployment".
In a move likely to cause Coalition tension, Liberal Democrat members are reportedly seeking a £16bn package of tax rises on the rich, including a 'mansions tax' on expensive houses, to help facilitate an accelerated increase of the income tax threshold. An emergency resolution will reportedly be put forward at the party's spring conference.
Green Box: Balls urges tax cutsClick to open
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Ed Balls: Osborne is being complacent and irresponsible, he should act now
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