Tories end all pretense that the deficit is the biggest issue

alittleecon

It would be funny if it wasn’t so tragic, but the week after Ed Balls gave a speech declaring his love for fiscal rules and balanced budgets, David Cameron gives a speech in which he abandons all pretense that the number one priority is reducing the deficit. Of course Cameron wouldn’t admit that that was what he has done, but in offering a large tax cut to the top 10-15% of earners, (and a small one to the top 80%), it sends a clear message that all the rhetoric about getting the deficit down is just that – rhetoric.

That’s not to say that Cameron’s tax announcements today are a bad thing. Frankly, more tax cuts are to be welcomed, although if it was me, I would seek a better distribution than the one that would result from these cuts announced today:

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