10p tax solution
Brilliant David Taylor has the answer to the 10p tax disaster.
In an EDM tabled tonight, he maps out a targeted solution that would restore the loss to those in genuine need. The cost will be £650 million - a fleabite in Government spending terms.
Frank Field and the others who forced a climb-down want clear answers not the flannel and obfuscation that lost the seats of 300 Labour Councillors. Restoring the 10p in full is not an option because it would unfairly benefit the very well-off. The Taylor solution is a winner. Details in the Guradian tomoorow.
Grab it, Gordon.
EDM 1477 COMPENSATION FOR ABOLITION OF THE 10 PENCE TAX RATE
A week ealier I asked the following question to the Chancellor:
Paul Flynn (Newport, West) (Lab): There is money available—tens of billions—to fund the banks because of their own incompetence, and money was available, which will not be repaid, when we had an unplanned war against Iraq, so surely a Labour Government with a brilliant record of stealth socialism in their redistribution of wealth to the lower-paid for the past 10 years can find a mechanism to ensure that those who will lose out because of the abolition of the 10p tax rate will be compensated.
Mr. Darling: As my hon. Friend acknowledges, the Government have done a great deal for people during the past 10 years, particularly those on low incomes, and as I said yesterday, we will continue to do so. It is essential that we put in place the plan before us today because many people in this country, including those on modest incomes, depend on being able to get access to mortgages, and on mortgage payments being kept as low as possible.