Today’s newspapers are crammed with suggestions that Gordon Brown and Alistair Darling are preparing to offer billions of pounds worth of tax cuts to families and small businesses in the forthcoming Pre-Budget Report.
As a Conservative, I am generally supportive of tax cuts. But it is clear that these Government measures will be funded by yet more public borrowing.
Two questions stick out about what Gordon Brown is up to.
First, are these giveaways part of a plan to call a spring 2009 election, which many Labour strategists are apparently now urging?
And secondly, when this election comes – whether it is next year or 2010 – will there be any money left for an incoming Government of whatever colour to do anything with?
Given the record levels of national debt we are currently saddled with and the likelihood of much more to come should these tax cuts come to pass, the answer appears to be a resounding no.
Meanwhile, I understand that David Cameron and George Osborne will shortly unveil separate Conservative plans for tax cuts.
However, unlike the Brown/Darling plans, the Conservative proposals will be fully funded – in other words, paid for by identified savings in other areas rather than increased borrowing.
This is an excellent example of the difference between today’s Labour and Conservative parties: Conservatives wish to creating a better and sustainable future for us all based on responsible economic policies.
In contrast, Labour wish to play Russian Roulette with our future by pouring money down black holes and increasing our national debt in the hope of some short-term political gain.
Thankfully, I believe the people of Keighley and Ilkley will not be fooled.
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