Cameron announces tax cut for 25m Britons if brought back to power in next election

LONDON: Britons will get a massive tax cut if they vote back David Cameron led Conservative Party into power next May.

Prime Minister Cameron launched an audacious bid to woo voters in next year's general election by promising to raise the threshold at which people pay tax at 40% from £41,900 to £50,000.

At the same time the party would also raise the amount people can earn before paying tax at all to £12,500 — the current full-time minimum wage.

Setting out the plan to ensure that nobody earning below £50,000 pays the 40% rate of income tax, he said: "The 40% tax rate was only supposed to be paid by the most well-off people in our country but in the past couple of decades far too many have been dragged into it: teachers, police officers. So let me tell you this today: I want to take action that's long overdue and bring back some fairness to tax. With a Conservative government, we will raise the threshold at which people pay the 40% rate. It's currently £41,900. In the next parliament we will raise it to £50,000".

The plan will be introduced by the end of the next parliament in 2020.

Liberal Democrat chief secretary to the treasury Danny Alexander reacted to the sop by saying "The Tories shameless attempt to copy Liberal Democrat tax policy will be utterly incredible to the millions of working people who they have made clear will be their main target for cuts in the next Parliament. The Conservatives opposed increases to the tax threshold at the last election. The big tax cuts for 25 million working people in this parliament have only been delivered because of the determination and commitment of Liberal Democrats to fight for them every day".

Cameron added "Once you have a job, I want you to take home more of your own money. If you put in, you should get out - not hand so much of it to the taxman. That's why these past four years, despite everything, I've made sure we provide some relief to taxpayers in our country - especially the poorest. No income tax until you earn £10,000 a year - and from next April, £10,500 a year. Three million people taken out of income tax altogether. A tax cut for 25 million more. And our commitment to you for the next five years: we want to cut more of your taxes. But we can only do that if we keep on cutting the deficit".

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