Written question asked by Lord Taylor of Warwick (Non-affiliated), in the House of Lords. It was answered by Lord Deighton (Conservative) on Wednesday, 27 March 2013.

Taxation

Question: To ask Her Majesty’s Government whether they intend to reduce taxes for the purpose of stimulating confidence in the United Kingdom economy. [HL6249]

Answer: The Government are committed to reducing the deficit and promoting the sustainability of public finances, while ensuring that taxation is designed to support growth and enhance work incentives. By 2015-16, the Government will have reduced the corporate tax burden by £6 billion a year and spent £10 billion a year on the personal allowance. The cumulative increases in the personal allowance introduced by this Government will lift 2.2 million people out of income tax by April 2013.

Secondary information