DAVID Cameron yesterday ruled out “significant” tax cuts for individuals, insisting the parlous public finances made Budget giveaways impossible.
The Prime Minister said: “I would love to see tax reductions. I’m a tax cutting Tory and I believe in tax cuts, but when you’re borrowing 11 per cent of your GDP, it’s not possible to make significant net tax cuts. It just doesn’t add up.
“It’s no good saying we’re going to deal with the deficit by cutting spending, but then we’re going to make things worse again by cutting taxes.”
Cameron, speaking in a Sunday Telegraph interview, said the government was still committed to lifting the poorest out of tax altogether by changing income tax thresholds.