TAX PLANS MOST RE-DISTRIBUTIVE IN 50 YEARS

12.00.00am UTC (GMT +0000) Wed 20th Sep 2006

Speaking in today's debate on taxation at the Liberal Democrat Party Conference in Brighton, Paul Holmes, MP for Chesterfield, said:

"The Liberal Democrat Tax Commission proposals will raise £10 billion from the wealthiest, more than two times as much as our proposals last year.

In the past I was a strong supporter of the 50p tax rate on high earners but this policy is out-of-date. Our new proposals are more redistributive. Last year's 50p tax rate would have raised £4.7 billion from the wealthiest but our new proposals will raise £10 billion. Two million of the lowest earners will be taken out of tax altogether and 90% of tax payers will benefit.

"I believe that this package is the most radical, green and redistributive tax proposal in the last 50 years and I urge all members of the party to support the proposals unamended."