The Liberal Party notes media speculation of potential tax rises in the autumn budget to fund a £30 billion budget deficit following revisions to cuts to welfare benefits.
The party believes that sufficient scope exits to properly fund public services, and to create a modest liberal redistribution of wealth through reform of the tax system, and the range of tax rebates, allowances and exemptions.
We support raising the threshold for paying income tax to £20k to allow people to retain more of their earnings and to reduce in work benefits, thus simplifying the benefits system and cutting administration costs.
Work should always pay and that the party strongly believes that the welfare system is there as a safety net rather than a lifestyle choice.
We also believe proper support for small business and the SME’s will allow for sustained growth in the economy by reducing the threshold for VAT registration for small businesses or the self-employed to £150k.