Lib Dems drop pledge to raise income tax by 1p

The Liberal Democrats have dropped plans to put a penny on income tax to invest in the NHS and social care. 

Lib Dem leader Sir Ed Davey told the BBC that people didn’t need more tax rises amid a cost of living crisis. 

The party has called for a 1p rise in income tax since 1992 – then to fund education promises. 

They hope it will reassure voters in Tory-held target seats ahead of the next general election – expected in May 2024. 

“I don’t think it’s credible for any opposition party to say they want to increase the tax burden more than the Conservatives are doing,” Sir Ed said.

Sir Ed called the government’s decision to freeze allowances over a number of years as “stealth income tax rises” which equated to more than a three-pence increase on the basic rate. 

He says the Lib Dems would instead set out plans in its “costed manifesto” to raise funding to “build an economy for the future.” 

At the last two elections, the Lib Dems promised to fund healthcare investment by increasing each band of income tax by 1p. 

By scrapping the policy it puts the Lib Dems in a similar position to Labour, which has also said they will not increase income tax. 

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