Mark Lancaster MP

09 DEC 2009

Milton KeynesÂ’ residents left with £23,000 of debt thanks to Gordon Brown

Mark Lancaster, this week responded to the Government's new tax and spending proposals – the so-called Pre-Budget Report – by warning of Labour plans for higher taxes and record levels of national debt included in the small print.

The Government's proposals include:
• National Insurance hikes on workers meaning a smaller pay packet for anyone earning £20,000 or more.
• National Insurance hikes on local firms, making it more expensive to pay staff.
• Higher income tax, pushing more middle income earners into the 40 per cent higher rate.
• Inheritance tax rises by stealth, taxing people more as house prices start to rise.
• Higher stamp duty, meaning the average first time buyer will now pay £1,475 in stamp duty.
• A new telephone tax on anyone with a phone or fax line.
• Forcing councils to make more cuts to rubbish collections and pushing up council tax.

This comes as the country's debt is forecast to reach £1,500,000,000,000 – equivalent to £23,000 for every man, woman and child in Milton Keynes. The Government will spend £64 billion a year on debt interest. This is equivalent to the amount of money raised each year from fuel duty, inheritance tax, stamp duty and council tax combined. The debt will also push up interest rates over time, meaning more expensive mortgages and credit card bills.

Mark Lancaster said:
"Every family in Milton Keynes is going to forced to pay out for years thanks to Gordon Brown's mistakes. Our country faces the biggest overdraft in our peacetime history, and Labour have already started to hike taxes on Milton Keynes' residents to pay for it."

"The message to aspiring families from these tax changes is clear. If you want to get on in life, own your own home or leave something to your children, then the Labour Party is not for you anymore. It's time for change – and Conservatives will work hard to sort out the mess that Labour have left."

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