I’ve written just a few times about the financial pressure building up in the proposals being made for the Liberal Democrat general election manifesto. With lots of goodies being floated in the media, combined with an aim of removing the structural deficit by the middle of the next Parliament, it’s hard to see how the sums will add up without requiring significant further cuts in those areas of public spending that have not been blessed so far with commitments such as the ring-fencing for the NHS and extended ring-fencing for education.
At least some tax rises to help make up the numbers are now seeing the light of the day, as the Daily Mirror has reported:
The Lib Dems say they will cut the deficit with a trio of wealth taxes, not by hitting the poor with welfare cuts.
Their 2015 manifesto will include a £1million limit on tax-free pension pots, higher capital gains tax and renewed plans for a £2million home mansion tax.
Danny Alexander distanced his party from Tory Chancellor George Osborne’s plans to further slash welfare payments.
This is all very much in line with previously agreed party policy, such as the tax paper which recently went through the policy system and was voted on by party conference. They also form part of the the pre-manifesto document which will get debated at the Liberal Democrat conference in Glasgow this October.
They don’t raise enough money to answer those concerns I’ve mentioned. This financial space continues to be one to watch.
Take a look at my archive of policy posts to see the other proposals recently launched that will also feature at Glasgow.