‘Isn’t it the case that Labour’s borrowing bombshell will soon become a tax bombshell? And let’s be clear about what that means. Borrowing £30 billion now will mean an income tax bill for the average earner of nearly £1,500 later.Everyone knows the prime minister is planning a Christmas tax giveaway, but tax cuts should be for life, not just for Christmas. We need real tax cuts not tax cons.’
(David Cameron in the commons responding to Gordon Brown)
Whether Gordon Brown calls it a ‘fiscal stimulus’ or simply ‘additional borrowing’ the taxpayer will have to pay it back with interest in due course. But our PM doesn’t care as long as it gives him a chance of winning the next election.