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GOVERNMENT SHOULDN'T GAMBLE WITH PUBLIC FINANCES - WILLIAMS
November 13, 2008 1:06 PM
Speaking ahead of the Pre-Budget Report, to take place on 24th November, Liberal Democrat Shadow Secretary of State for Wales Roger Williams MP has today slammed the Government for trying to 'live beyond their means.'
The Prime Minister hinted this week that he would consider introducing tax cuts in the Pre-Budget Report, but he has so far given no indication that he is prepared to save money anywhere in the Government's spending plans.
On Tuesday, Labour Minister Tony McNulty admitted that unfunded tax cuts would mean that massive tax increases would have to take place when the economy starts to recover.
It was revealed yesterday that Wales was being hit hardest by rising unemployment, with an increase of 24,000 in the last three months, more than any other part of the UK.
Commenting, Roger Williams said:
"We do need tax cuts, but we also need them to be sustainable.
"Those on lower and middle incomes need all the help they can get, and we would do that by making the very wealthy pay more. The Government need to make it clear how they would pay for tax cuts - they either need to rebalance taxes so the wealthier pay more or to cut spending.
"Piling debts on to future generations and governments is utterly irresponsible. We all appreciate that borrowing is going to rise because of lower tax receipts and higher benefit payments, but that shouldn't give the Government carte blanche to spend infinite amounts of money.
"The Conservatives' proposals on National Insurance breaks for companies who hire new staff will do little to help combat unemployment. Businesses who are more often than not laying off staff will not take the risk of employing new staff for such a small benefit, while those companies that are successful will get money for doing something they may have intended to do anyway.
Mr Williams added:
"Gordon Brown reminds me of someone who's gone into a casino with a very strict spending limit, but having gone over it has decided to risk all of his savings on one roll of the dice.
"The Prime Minister has based his whole reputation on his ability to manage the economy prudently, yet unlike the millions of individuals and families affected by the downturn he's still not prepared to tighten his belt.
"Some spending can be used to help stimulate the economy, such as construction projects - but it's bonkers for the Government to claim that every single item of expenditure helps the economy. We got in this mess because people were encouraged to buy now and pay later, now the Government seem intent on trying to live beyond their means."
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