Cameron's Tax Cut - Good Move

Well, I have to say that David Cameron's latest idea about abolishing tax on savings for basic rate tax payers seems to me to be a very good idea.

In the last few weeks as base interest rates have plummeted and I have seen the rates on mine and my wife's various savings accounts commensurately reduce I have started to wonder if one of the parties would advocate this.

The response of the Labour Party has been unsurprisingly to scream about how this is uncosted and I heard Yvette Cooper describe it as "economic madness". I don't know how she can have the brass neck to describe it as uncosted (it will cost about £2.4 billion by the way) when they are borrowing £118 billion next year. Also, they just pissed away £12.5 billion on the totally ineffectual VAT rate cut (see here for my previous thoughts on this before it was even announced which I fear are proving correct). Absolute hypocrisy.

Iain Dale also makes a good point here that Cameron is starting to turn the "do nothing" charge back at the government. It really seems to me that the government has got itself into a position now where unless you agree with them entirely and without question then they just go for your throat. They have no self confidence and have to shout everyone else down (using the bully pulpit of office and incumbency) and just repeat the same nonsense over and over again. They will come to regret this when they are finally chucked out of office as that is how they will be remembered by the electorate for many years to come.