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Govt hints at tax cut plan
Monday 10th November 2008, 9:29AM GMT.
Rumours that the government will introduce £15 billion of tax cuts are being downplayed, but the pre-Budget report is expected to include significant reductions nevertheless.
Gordon Brown told ITV1′s GMTV programme this morning he would help hard-working families in the pre-Budget report, which is expected next week.
It follows a weekend of briefings in which the government has been suggesting a range of measures. The Telegraph newspaper reported increases in tax credits, fuel bills for the elderly, the abolition of stamp duty and cuts in VAT and fuel duty were being considered.
The £15 billion figure emerged after Robert Chote, director of the Institute for Fiscal Studies thinktank, said additional borrowing of around this figure was needed to meaningfully help the economy.
The prime minister will reveal more of his thinking on the issue this evening, when he addresses the Lord Mayor’s banquet in London.
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