Vince Cable, a voice we should all take note of on economic matters in my view, has warned that Treasury insiders are increasingly concerned that promises made by George Osborne to cut taxes by £7bn appear increasingly unaffordable.
“When you look at the numbers, tax cuts on any significant scale are simply not deliverable unless you make horrific cuts to key public services such as the police and defence. Technically, of course, you can always make tax cuts, but if you are to avoid hitting services you would have to put up other taxes or cut services massively. It is total fantasy to suggest otherwise.”
Ignoring the man who widely predicted the economic collapse of 2007 when other politicians buried their heads in the sand is hardly wise. The Tories are either promising big tax cuts on the backs of the poor or they will ruin our economic recovery to deliver unfunded tax cuts because they are running scared of UKIP.
The Observer ran this story.
With thanks to the LGiU for the lead to this story.