Finance Bill is needed and contains positive measures

July 26, 2010 11:47 AM

UK Money - notes and coinsThe government's Finance Bill is needed and contains a string of positive measures, that was message from Cllr Judith Lubbock in a letter to the local press.

Dear Editor,

At Tuesday's City Council meeting Labour (supported by the Greens) passed a motion asking our two Norwich MPs to vote against the government's Finance Bill.

The bill is a wide ranging piece of legislation that attempts to tackle the nation's debt, currently the second highest in Europe and the equivalent to £22,400 for every man, woman and child in the UK.

By opposing the bill Labour and the Greens seem content to bury their heads in the sand and wish Gordon Brown's disastrous financial legacy away.

They fail to grasp the reality that, as the outgoing Chief Secretary to the Treasury Liam Byrne summed up, "there is no money", and that decisive action needs to be taken.

Furthermore, the Finance Bill includes progressive legislation to take 1 million low earners out of tax altogether and save low and middle earners £200 a year by raising the income tax threshold by £1,000. This threshold will continue to be increased every year during this Parliament.

The bill also includes plans to reform Capital Gains Tax and cut Corporation Tax (a much needed boost for local businesses). These financial measures, along with the promise to restore the earnings link to pensions and introduce a new bank levy, are fair and make economic sense.

It is therefore deeply disappointing that Labour and the Greens oppose measures to cut the debt, and oppose measures to help low earners and businesses in Norwich through these tough economic times.

Councillor Judith Lubbock

Norwich Liberal Democrats