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    Tax cuts are vital to boost growth but they do need to cut the right taxes for maximum impact and to offset the tax reduction by public spending cuts to ensure a two pronged assault on that deficit.

    Increasing allowances is a good move.

    Incidentally, currently anyone earning over £100k loses their personal tax allowances so they will not benefit from that. This should be addressed too in due course.

    The next tax to cut, which will be more than self-funding and will increase tax revenues, is the 50p tax rate - that is a political tax rate that is economically self defeating.

    Finally the other priority should be business taxes - they are scheduled to fall but that should be speeded up.

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