Liberal Democrats to increase taxes to raise £8b, make £16b spending cuts

LONDON: The Liberal Democrats would increase taxes on the better-off to raise £8bn and sign up to £16bn spending cuts, Nick Clegg has said.

Setting out his party’s financial plans, Mr Clegg said wealthy individuals and big business did not always pay their “fair share”.

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He vowed to balance the books by 2017-18 – the same date as the Tories.

But while the Tories say they would not raise taxes, Mr Clegg plans a mix of spending cuts and tax rises.

Labour says it will achieve a surplus by 2020, the end of the next Parliament.

Tax increases would include aligning capital gains tax – charged on profits from home and property sales – more closely with income tax, Mr Clegg told BBC news.

Raising capital gains tax would be “to make sure the gap between income tax and what you pay in your capital gains isn’t so big,” said Mr Clegg said.