Greg backs Vince Cable's fair tax policy

7.45.00pm BST (GMT +0100) Fri 25th Sep 2009

Lib Dem Parliamentary Spokesman for Newcastle East Greg Stone has received backing from Lib Dem Shadow Chancellor Vince Cable as he campaigns for a fairer tax system.

The Lib Dems are pledging to introduce a tax cut of £700 for low and middle income earners by raising the income tax threshold to £10,000. Anyone earning less than £10,000 would not pay any income tax. This measure would be paid for by ending tax loopholes enjoyed by the very rich - such as on multi-million pound bonuses for bankers.

The Lib Dems are the only party promising real tax cuts for ordinary people at the next election, and are committed to ensuring fairness in the tax system by making the wealthiest pay more than the least well off.

Under the Labour government the poorest have been hit by Gordon Brown's disastrous 10p tax cut which paid for tax cuts for the wealthy. The Conservatives are promising to cut inheritance tax for the richest but don't care about those on average incomes.

Greg said "I was delighted to meet Vince Cable recently to discuss the fair tax campaign and am pleased that Vince has agreed to visit Newcastle in October to speak about how the Lib Dem tax plans will deliver a £700 cut for low and middle income earners. At the next election, the Lib Dems are the only party promising real change through fairer taxes for local families in Newcastle East"