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Clegg: Raise tax threshold further and faster Clegg: Raise tax threshold further and faster
(about 7 hours later)
Nick Clegg will say later that he wants the coalition government to go "further and faster" in raising the pay level at which people start paying income tax to £10,000 a year. Nick Clegg has urged the coalition government to go "further and faster" in raising the level at which people start paying income tax to £10,000 a year.
The deputy prime minister will argue that many families are at financial "boiling point" and need more relief. The deputy prime minister is also arguing many families are at financial "boiling point" and need more relief.
The coalition has promised to raise the income tax threshold to £10,000 by the next election, set for 2015.The coalition has promised to raise the income tax threshold to £10,000 by the next election, set for 2015.
Labour said Mr Clegg had "a cheek preaching about fairness and tax".Labour said Mr Clegg had "a cheek preaching about fairness and tax".
The deputy PM's speech to the Resolution Foundation in London follows official figures showing the economy shrank by 0.2% in the final quarter of 2011. Mr Clegg's speech to the Resolution Foundation in London follows official figures showing the economy shrank by 0.2% in the final quarter of 2011.
It also comes ahead of the Budget on 21 March, increasing speculation that changes to tax thresholds could be announced.It also comes ahead of the Budget on 21 March, increasing speculation that changes to tax thresholds could be announced.
Left vs rightLeft vs right
Mr Clegg will aim to set out a distinctive Liberal Democrat fiscal position by highlighting differences with the party's Conservative coalition partners.Mr Clegg will aim to set out a distinctive Liberal Democrat fiscal position by highlighting differences with the party's Conservative coalition partners.
He will say that those on the right in politics place "less of an emphasis on using the tax system to create greater equality". Ahead of the speech, he told BBC One's Breakfast: "Because things are very tough, because utility bills were much higher last year than many people hoped, because the period of kind of austerity is going to take longer than we originally hoped, I believe we should do this [raise the tax threshold] further and faster.
"I can't tell you exactly what's going to be in the Budget, because it hasn't been decided yet, but this is very much what I think should be in it."
Mr Clegg discussed the matter with Chancellor George Osborne on Wednesday and Prime Minister David Cameron on Tuesday.
In his speech, the deputy prime minister will say that those on the right in politics place "less of an emphasis on using the tax system to create greater equality".
He will also attack Labour by saying the "traditional left" supports a "penal rate on the highest earners, simply because it makes them poorer".He will also attack Labour by saying the "traditional left" supports a "penal rate on the highest earners, simply because it makes them poorer".
At the last election, the Lib Dems pledged to raise the income tax threshold to £10,000 a year and the coalition agreed to implement this policy over the course of this Parliament.At the last election, the Lib Dems pledged to raise the income tax threshold to £10,000 a year and the coalition agreed to implement this policy over the course of this Parliament.
The income tax threshold was raised by £1,000 to £7,475 in the 2010 Budget, and the government plans to increase it further to £8,105 this year.The income tax threshold was raised by £1,000 to £7,475 in the 2010 Budget, and the government plans to increase it further to £8,105 this year.
But Mr Clegg is expected to say: "Today I want to make clear that I want the coalition to go further and faster in delivering the full £10,000 allowance, because the pressure on family finances is reaching boiling point.But Mr Clegg is expected to say: "Today I want to make clear that I want the coalition to go further and faster in delivering the full £10,000 allowance, because the pressure on family finances is reaching boiling point.
"These families have seen their earnings in relative decline for a decade, compared to those at the top. That has accelerated since 2008, with lower real wages and fewer hours at work.""These families have seen their earnings in relative decline for a decade, compared to those at the top. That has accelerated since 2008, with lower real wages and fewer hours at work."
He will argue that the coalition has raised capital gains tax and reduced tax breaks on pension funds "for the very rich", while "clamping down" on tax avoiders to raise an extra £7bn a year.He will argue that the coalition has raised capital gains tax and reduced tax breaks on pension funds "for the very rich", while "clamping down" on tax avoiders to raise an extra £7bn a year.
'Fair tax cuts''Fair tax cuts'
Mr Clegg will also reiterate his commitment to the coalition's aim of ending the UK's deficit, but will promise to do so "in a way that is fair".Mr Clegg will also reiterate his commitment to the coalition's aim of ending the UK's deficit, but will promise to do so "in a way that is fair".
"People look to the Liberal Democrats to keep this coalition anchored in the centre ground. They want economic competence, but they want compassion too."People look to the Liberal Democrats to keep this coalition anchored in the centre ground. They want economic competence, but they want compassion too.
"It is our job to make sure this government delivers both.""It is our job to make sure this government delivers both."
Owen Smith, Labour's shadow Exchequer secretary, said: "This is the man who campaigned against a rise in VAT and then introduced it just after he got elected. And his government's Autumn Statement took three times more from families with children than from the banks.Owen Smith, Labour's shadow Exchequer secretary, said: "This is the man who campaigned against a rise in VAT and then introduced it just after he got elected. And his government's Autumn Statement took three times more from families with children than from the banks.
"For the last year Labour has been arguing for fair tax cuts, such as a temporary cut in VAT, to help hard-pressed families and pensioners and kickstart our stalled economy. And we want to see a tax on bank bonuses at the top to fund 100,000 jobs for young people."For the last year Labour has been arguing for fair tax cuts, such as a temporary cut in VAT, to help hard-pressed families and pensioners and kickstart our stalled economy. And we want to see a tax on bank bonuses at the top to fund 100,000 jobs for young people.
"Now that the economy has gone into reverse, these measures should be part of a real plan for jobs and growth in the next Budget.""Now that the economy has gone into reverse, these measures should be part of a real plan for jobs and growth in the next Budget."
Do you earn less than £10,000? What do you think of Nick Clegg's comments? Please send us your comments using the form below. Will you be affected by the tax proposals? Send us your comments and experiences using the form below.