George Osborne wants us to forget about the Tory tax rises which have contributed to a cost of living crisis.
A few examples:
- VAT increased – to 20% from 2011
- Income Tax higher rate threshold cut to £42,475 in 2011-12
- Higher Income Child Benefit Charge introduced 2013
- Insurance premium tax increased – from 2011
- Capital Gains Tax increased – to 28 per cent for higher rate taxpayers from June 2010
- New Beer Duty introduced on high strength beers from 2011
- ISA subscription limit uprated in line with CPI rather than RPI from 2012-13
- Pension tax relief restricted from 2014-15
- Inheritance Tax threshold frozen in 2015-16
- National Insurance Contributions ending of contracting-out rebates from 2016-17
The chancellor has failed to balance the books, we don't need more smugness. We need real action on jobs and wages.