Best way to cut taxes for low-paid is by raising Income Tax threshold

Commenting on Ed Miliband's speech on the economy, Liberal Democrat Chief Secretary to the Treasury, Danny Alexander said:

"The two Eds are rather late to the party, wanting to cut taxes for those on low and middle incomes.

"After 13 years in Government, the only action Ed Balls took was to raise the amount of tax those on low incomes paid by abolishing the 10p rate. It was the biggest tax mistake they ever made and it has taken them until now to realise their error.

"The best way to cut taxes for those on low incomes is take them out of tax altogether. That is why Liberal Democrats in Government are raising the Personal Allowance. From April, nearly 25m people will get a further Income Tax cut so they will be £600 a year better off than under Labour.

"Labour had 13 years in Government to make property taxes fairer by introducing the Liberal Democrat policy of a Mansion Tax. With the Liberal Democrats in Government the wealthy are paying more in each year of this Parliament compared to any under Labour."