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    No, Alexander - the higher rates of tax need cutting to boost growth and HMRC tax revenues. That needs to be alongside more spending cuts as the cuts have been far too little.

    High taxes and overspending are the twin problems here that need to be dealt with to make the economy 'take off'.

    While the cuts to the higher rates are more than self-funding we need also to cut taxes for the less well off also, this is only right and that does need to be funded by some of the spending cuts. I have said many times that the nil band should be c. £13,000 pa (at the min wage 37 1/2 hr week level). These measures plus supply side reforms will help generate the growth needed to close the deficit gap.

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