Information is beautiful: How to cut the budget deficit
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committedcategoryMeasure£bn saved or gainedlabourtorylibdemsources: Instutite of Fiscal Studies (http://www.ifs.org.uk/) and...ID
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HOLEUK Budget Deficit167http://www.guardian.co.uk/politics/2010/apr/27/thinktank-spending-cuts-election
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TAXTax Transactions on the stock market at 0.05%100maybeno mentionhttp://www.guardian.co.uk/business/2009/nov/23/brown-urges-business-leaders-to-accept-tobin-tax
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BENEFITSFreeze all benefits and tax credits for all of Parliament24.6NoNohttp://www2.labour.org.uk/uploads/TheLabourPartyManifesto-2010.pdf - http://media.conservatives.s3.amazonaws.com/manifesto/cpmanifesto2010_lowres.pdf32
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VATApply standard VAT rate to zero-rated and reduced-rated goods (like food and kid's clothes)24.3Nohttp://blogs.telegraph.co.uk/finance/ianmcowie/100004862/labours-income-tax-promise-and-a-diabolical-joke/28
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INCOME TAXIncrease basic rate of income tax by 4p16.2NoNoNohttp://news.bbc.co.uk/1/hi/uk_politics/election_2010/8613798.stm, http://www.guardian.co.uk/politics/2010/apr/14/liberal-democrats-tax-analysis15
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POLICYLand and assets "fire sale"16yesyesyeshttp://www.guardian.co.uk/uk/2009/apr/22/budget-2009-alistair-darling-speech
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VATIncrease standard VAT rate to 21%15.75MaybeMaybeNohttp://www.dailymail.co.uk/news/article-1258501/VAT-increase-agenda-Labour-retreat.html, http://blogs.telegraph.co.uk/news/jameskirkup/100033824/vince-cable-reveals-secret-lib-dem-plan-to-increase-vat-maybe/22
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NATIONAL INSURANCEReduce personal allowance and employee NI threshold to level of employer NI threshold and freeze for 5 years15.3No, raise NINoNo, raise NIhttp://www.guardian.co.uk/politics/2010/mar/29/george-osborne-national-insurance-6bn-spending-cut - http://www.timesonline.co.uk/tol/money/article7086622.ece29
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INCOME TAXIncrease basic and higher rates of income tax by 3p15NoNoNohttp://news.bbc.co.uk/1/hi/uk_politics/election_2010/8613798.stm, http://www.guardian.co.uk/politics/2010/apr/14/liberal-democrats-tax-analysis14
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yesENVIRONMENTIntroduce a carbon tax of £21/tonne of CO213.4NoMaybeYeshttp://www.ft.com/cms/s/0/362450d8-32cd-11df-a767-00144feabdc0.html, http://www.libdems.org.uk/economy_detail.aspx?title=Zero_Carbon_Britain_%E2%80%93_Taking_a_Global_Lead&pPK=bb5f4eb7-cf45-4d89-897c-5315e6cb18cd1
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VATIncrease standard VAT rate to 20%13http://www.guardian.co.uk/business/2009/oct/17/economy-vat-inflation-fund-managers
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BENEFITSMeans-test Disability Living Allowance11.743
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yesGOVERNMENTCut Whitehall policy, funding and regulation costs (over 5 years)10yeshttp://news.bbc.co.uk/2/hi/uk_news/politics/election_2010/8617433.stm
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yesPENSIONSIncrease state pension age by a year10YesYesYeshttp://www.guardian.co.uk/politics/2009/oct/06/retirement-age-david-cameron, http://www.dailymail.co.uk/news/election/article-1265879/General-Election-2010-Lib-Dems-unveil-fair-pledges-election-manifesto.html49
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NHSNHS cuts & savings10yesyesyeshttp://www.guardian.co.uk/society/2009/apr/23/spending-cuts-nhs-education-local-councils
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INCOME TAXIncrease higher rate of income tax to 50p9.5No
http://news.bbc.co.uk/1/hi/uk_politics/election_2010/8613798.stm
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TRIDENTNot renewing Trident (over 4 years)9nonoyeshttp://www.guardian.co.uk/politics/2009/sep/23/full-text-nick-clegg-speech
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PENSIONSAbolish exemption of employer pension contributions from NI8.324
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NATIONAL INSURANCEIncrease self-employed NI rates to match those for employees6.810
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BENEFITSLower the threshold of income at which the family element of the child tax credit begins to taper. Family element = for all, regardless of no. of kids. PLUS taper child benefits.6.5NoNoTax credit yes, benefit nohttp://www.bbc.co.uk/blogs/thereporters/stephanieflanders/2010/04/the_conservatives_invitation.html38
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NHSScrapping NHS IT system6yeshttp://www.guardian.co.uk/commentisfree/2009/sep/15/public-expenditure-cuts1
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yesNATIONAL INSURANCEIncrease employee and self-employment NI rates by 1p5.61pNo1phttp://www2.labour.org.uk/uploads/TheLabourPartyManifesto-2010.pdf - http://www.timesonline.co.uk/tol/money/article7086622.ece16
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BENEFITSMeans-test AA (Attendance Allowance: tax free beneift for over-65s who need someone to look after them because they are mentally or physically disabled)5.242
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POLICYScrapping ID card scheme5yeshttp://www.guardian.co.uk/commentisfree/2009/sep/15/public-expenditure-cuts1
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DEFENCEscrapping the Eurofighter and Tranche 3 (£5bn over six years)5yeshttp://www.guardian.co.uk/commentisfree/2009/sep/15/public-expenditure-cuts1
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POLICYscrapping super database of all emails, texts and phone calls5yeshttp://www.libdems.org.uk/siteFiles/resources/PDF/Tackling%20the%20fiscal%20crisis.pdf
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INCOME TAXReduce personal allowance to level of employer NI threshold4.5NoNoNohttp://www.guardian.co.uk/politics/2010/apr/14/liberal-democrats-tax-analysis - http://www.guardian.co.uk/politics/2010/mar/29/george-osborne-national-insurance-6bn-spending-cut - http://www.timesonline.co.uk/tol/money/article7086622.ece12
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INCOME TAXIncrease upper earnings limit to £100,0004.2Raise UEL by £29/weekhttp://www.moneymarketing.co.uk/politics/tories-would-balance-out-new-regulation/1010099.article7
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yesPENSIONSRestrict pension tax relief to the basic rate4.1YesNoYeshttp://www.citywire.co.uk/adviser/-/news/pensions/content.aspx?ID=394313, http://www.ft.com/cms/s/2/4f99f996-e688-11de-98b1-00144feab49a.html?ftcamp=rss, http://cachef.ft.com/cms/s/0/688fa146-350a-11df-9cfb-00144feabdc0.html3
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INCOME TAXRestrict personal allowance to basic rate4.1No - increase to 10khttp://news.bbc.co.uk/1/hi/uk_politics/election_2010/parties_and_issues/8615189.stm9
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BENEFITSFreeze all benefits and tax credits in April 20114.1NoNohttp://www2.labour.org.uk/uploads/TheLabourPartyManifesto-2010.pdf - http://media.conservatives.s3.amazonaws.com/manifesto/cpmanifesto2010_lowres.pdf31
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CAPITAL GAINSAbolish capital gains tax exemption on primary residence3.727
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CAPITAL GAINSAlign capital gains and income tax rates3.2NoNoYeshttp://www.johnredwoodsdiary.com/2010/04/14/the-liberal-democrat-tax-bombshell/, http://docs.google.com/viewer?a=v&q=cache:4zvKAzzfSEcJ:www.libdems.org.uk/siteFiles/resources/PDF/Tax%2520Plans%2520-%2520Briefing%2520Document.pdf+lib+dem+plans+on+capital+gains+tax&hl=en&gl=uk&pid=bl&srcid=ADGEESjpY735ZAlFTQnIOqQbfZFmprL-7fj1zZSmFVNl4cLAHMBkUqjz1dUdbfc_jX-rJMx9l76bnUYLlUCmKEflFhtxPzY8AkCbDNMriQYOn4B5Fe5S34orimd6Mf20Rbq7j7-snLiJ&sig=AHIEtbSAHUyAaWoHOIzUYyZmi7tfJqwiAg, http://news.bbc.co.uk/1/hi/uk_politics/election_2010/8608535.stm5
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PENSIONSAbolish 25% tax-free lump sum in private pensions3.22
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CORPORATION TAXIncrease small companies’ corporation tax rate to 28%3.2Nohttp://www.timesonline.co.uk/tol/money/article7086622.ece25
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PENSIONSIncrease withdrawal rate in PC (Lower the level of income at which your pension credit starts tapering)
)
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BENEFITSDo not pay benefits in respect of dependent children aged 16–193Nohttp://www.bbc.co.uk/blogs/thereporters/stephanieflanders/2010/04/the_conservatives_invitation.html50
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TRIDENTTake one submarine out of trident3maybehttp://www.guardian.co.uk/politics/2009/sep/23/gordon-brown-disarmament-push?showAllComments=true
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INCOME TAXAbolish additional tax allowances for pensioners and married couple’s allowance2.8Nohttp://www.timesonline.co.uk/tol/news/politics/article7093880.ece11
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VATImpose VAT on financial services2.823
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BENEFITSAbolish winter fuel payments and free TV licenses2.7NoNoNohttp://blogs.telegraph.co.uk/finance/ianmcowie/100004971/how-lib-dem-tax-and-spend-plans-would-affect-you/ - http://www2.labour.org.uk/uploads/TheLabourPartyManifesto-2010.pdf - http://www.dailymail.co.uk/news/article-1260060/David-Cameron-accuses-Labour-lying-free-bus-pass-cut-claims.html39
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PUBLIC SECTORzero growth for public sector pay2.4yesyeshttp://www.guardian.co.uk/commentisfree/2009/sep/15/public-expenditure-cuts1
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yesBENEFITSIncrease withdrawal rate in tax credits (i.e. lower qualification threshold)2.3NoYeshttp://www.dailymail.co.uk/money/article-1265010/Election-special-Which-party-best-pound.html33
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POLICYCurbing "industrial policy", including scrapping regional development agencies 2.3yeshttp://www.guardian.co.uk/commentisfree/2009/sep/15/public-expenditure-cuts1
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BENEFITSMake more benefits taxable2.144
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PENSIONSDelay the process of changing basicstate pension from a fixed amount to an amount proportional to the average income2.12012For it but not said whenNohttp://blogs.telegraph.co.uk/finance/ianmcowie/100004971/how-lib-dem-tax-and-spend-plans-would-affect-you/ - http://www2.labour.org.uk/uploads/TheLabourPartyManifesto-2010.pdf - http://www.dailymail.co.uk/money/article-1265010/Election-special-Which-party-best-pound.html47
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yesNHSAbolish Strategic Health authorities & Health quangos2yeshttp://www.guardian.co.uk/commentisfree/2009/oct/14/vincent-cable-lib-dems-public-services
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BENEFITSTime-limit contributory ESA (benefits for those with limited capacity for work, who have already contributed a certain amount to National Insurance)245
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PROPERTY‘Mansion tax’ – levy of 1% of property value above £2 million1.7NoNoYeshttp://news.bbc.co.uk/1/hi/8385575.stm4
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POLICYcut "surestart"1.4http://www.guardian.co.uk/politics/2009/sep/10/child-benefit-tory-spending-cuts
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BENEFITSAs above but elderly on Pension credit can keep their winter fuel payments and free tv licenses1.4NoNoNohttp://blogs.telegraph.co.uk/finance/ianmcowie/100004971/how-lib-dem-tax-and-spend-plans-would-affect-you/ - http://www2.labour.org.uk/uploads/TheLabourPartyManifesto-2010.pdf - http://www.dailymail.co.uk/news/article-1260060/David-Cameron-accuses-Labour-lying-free-bus-pass-cut-claims.html40
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EDUCATIONEducation cuts1yesyeshttp://www.guardian.co.uk/society/2009/apr/23/spending-cuts-nhs-education-local-councils
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BENEFITSTaper family element of child tax credit immediately after child element of child tax credit0.9NoNoYeshttp://www.dailymail.co.uk/money/article-1265010/Election-special-Which-party-best-pound.html - http://www.guardian.co.uk/commentisfree/2009/sep/15/public-expenditure-cuts1 - http://www.timesonline.co.uk/tol/money/article7086622.ece - http://www.timesonline.co.uk/tol/money/article7086622.ece35
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CAPITAL GAINSReduce capital gains tax exempt amount to £2,0000.9No£1,000http://www.cityam.com/news-and-analysis/clegg-we%E2%80%99ll-hike-capital-gains-tax - http://news.bbc.co.uk/1/hi/uk_politics/election_2010/8608535.stm6
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CORPORATION TAXIncrease main corporation tax rate by 1p0.8possiblehttp://news.bbc.co.uk/1/hi/uk_politics/election_2010/northern_ireland/8617837.stm17
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BENEFITSFreeze benefits/tax credits that change in accordance with retail prices & Inflation (except basic state pension)0.730
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BENEFITSCut childcare tax credit0.7NoReduce at higher levelshttp://www2.labour.org.uk/the-tories-on-child-tax-credits51
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INCOME TAXIncrease personal tax allowance by 1.5% less than inflation in April 20110.6No - increase to 10khttp://news.bbc.co.uk/1/hi/uk_politics/election_2010/parties_and_issues/8615189.stm8
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BENEFITSAlign tax credit and income tax thresholds with employer NI thresholds0.6Nohttp://blogs.channel4.com/factcheck/2010/04/14/lib-dem-manifesto-2010-planes-poverty-footballs/34
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BENEFITSLower the level of income at which your housing & council tax benefit starts tapering0.637
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COUNCIL TAXLimit Council Tax Benefits to properties worth £88,001 to £120,0000.6Want to get rid of council tax52
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yesBENEFITSScrap or limit Child Trust Fund0.5NoYesYeshttp://blogs.telegraph.co.uk/finance/ianmcowie/100004971/how-lib-dem-tax-and-spend-plans-would-affect-you/ - http://www2.labour.org.uk/uploads/TheLabourPartyManifesto-2010.pdf - http://www.dailymail.co.uk/money/article-1265010/Election-special-Which-party-best-pound.html53
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BENEFITSScrap Carer's Allowance0.5No mentionNo mentionNo mentionhttp://www.communitycare.co.uk/blogs/adult-care-blog/2010/04/leaders-debate-lib-dem-leader-wins-but-no-mention-of-social-care.html41
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PENSIONSIndex pension credit guarantee to prices, not earnings0.4Nohttp://www.dailymail.co.uk/news/election/article-1265879/General-Election-2010-Lib-Dems-unveil-fair-pledges-election-manifesto.html48
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INHERITANCE TAXAbolish agricultural and business property reliefs in inheritance tax0.345No26
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DUTYIncrease fuel duty by 1%0.33p/litreNoReduce in rural areashttp://www.telegraph.co.uk/news/election-2010/7581046/General-Election-2010-Tories-promise-10p-cut-to-ease-high-fuel-prices.html18
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BENEFITSScrap contributory JSA (Contributory Jobseeker's Allowance: benefits for those looking for work, who have already contributed a certain amount to National Insurance)0.346
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CAPITAL GAINSCharging capital gains tax at death0.28Maybehttp://www.timesonline.co.uk/tol/money/article7086622.ece20
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SAVINGSAbolish 10p starting rate for savings income0.121
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SAVINGSScrap Scheme for those on low income, designed to emncourage saving. The government adds 50 pence for each £1 saved into Saving Gateway accounts.0.1Nono mentionno mentionhttp://www2.labour.org.uk/uploads/TheLabourPartyManifesto-2010.pdf54
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Parliamentary reform and slashing MPs allowance0.1http://www.guardian.co.uk/politics/2009/sep/08/cameron-cut-ministers-salaries
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INHERITANCE TAXIncrease inheritance tax rate by 1p0.05NoNohttp://www2.labour.org.uk/uploads/TheLabourPartyManifesto-2010.pdf19
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PENSIONScontributions to pensions of teachers, local gov, health workers and civil servants capped over £50,000yes
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yesPROPERTYMansion tax II' - levy of 5% stamp duty on homes worth £1 million or more0 ??Yeshttp://www.telegraph.co.uk/news/election-2010/party-policy/7159139/Economic-Policy-General-Election-2010.html#labour
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