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Brown raises tax cut speculation Brown raises tax cut speculation
(30 minutes later)
Gordon Brown has increased speculation he may cut taxes, saying he was looking "at everything" that could be done to help people through the downturn.Gordon Brown has increased speculation he may cut taxes, saying he was looking "at everything" that could be done to help people through the downturn.
He told GMTV tax changes were a matter for the pre-Budget report - which he said would be "in the next few days".He told GMTV tax changes were a matter for the pre-Budget report - which he said would be "in the next few days".
Mr Brown's comments came as Tory leader David Cameron prepares to signal the Tories are to announce plans for tax cuts to help keep people in work.Mr Brown's comments came as Tory leader David Cameron prepares to signal the Tories are to announce plans for tax cuts to help keep people in work.
The Lib Dems have already said they would cut taxes for lower paid people.The Lib Dems have already said they would cut taxes for lower paid people.
Food pricesFood prices
Asked about possible tax cuts by a "hard-pressed" family taken into No 10 by the breakfast programme, Mr Brown said petrol duty had been frozen and people were already getting £120 back in their income tax following the 10p tax row.Asked about possible tax cuts by a "hard-pressed" family taken into No 10 by the breakfast programme, Mr Brown said petrol duty had been frozen and people were already getting £120 back in their income tax following the 10p tax row.
He added: "Of course we are going to look at everything but that's a matter for the Budget and the pre-Budget report.He added: "Of course we are going to look at everything but that's a matter for the Budget and the pre-Budget report.
TAX PROPOSALS Labour: Raised personal tax allowance to benefit basic rate taxpayers by £120 this year after 10p tax row, stamp duty threshold raised, 2p fuel duty rise postponed. Any further cuts expected to come in pre-Budget reportConservatives: Abolish stamp duty for first time buyers on homes up to £250,000, raise inheritance tax threshold to £1m, cut corporation tax from 28p to 25p, encourage council tax freeze. Expected to unveil more tax cuts on TuesdayLib Dems: Have already pledged to cut spending by £20bn to help fund tax cuts for low and middle-income families by cutting basic rate from 20p to 16p. Would remove tax loopholes for the richTAX PROPOSALS Labour: Raised personal tax allowance to benefit basic rate taxpayers by £120 this year after 10p tax row, stamp duty threshold raised, 2p fuel duty rise postponed. Any further cuts expected to come in pre-Budget reportConservatives: Abolish stamp duty for first time buyers on homes up to £250,000, raise inheritance tax threshold to £1m, cut corporation tax from 28p to 25p, encourage council tax freeze. Expected to unveil more tax cuts on TuesdayLib Dems: Have already pledged to cut spending by £20bn to help fund tax cuts for low and middle-income families by cutting basic rate from 20p to 16p. Would remove tax loopholes for the rich
"What I'm determined to do is get all countries around the world trying to get their economies moving again."What I'm determined to do is get all countries around the world trying to get their economies moving again.
"And one way you can do that is by putting more money into the economy by tax cuts or public spending rises but that's something we have got to look at in the next few weeks.""And one way you can do that is by putting more money into the economy by tax cuts or public spending rises but that's something we have got to look at in the next few weeks."
When it was put to him that help was needed now, rather than having to wait for weeks, he said: "We've got a pre-Budget report in the next few days."When it was put to him that help was needed now, rather than having to wait for weeks, he said: "We've got a pre-Budget report in the next few days."
The prime minister said he expected the cost of food in the supermarkets to come down over the next six months, due to a better wheat harvest, and petrol prices, which have already fallen, "should come down more in the next few days".The prime minister said he expected the cost of food in the supermarkets to come down over the next six months, due to a better wheat harvest, and petrol prices, which have already fallen, "should come down more in the next few days".
He said there was "discussion is taking place" around banks not passing on interest rate cuts adding: "You can't cut interest rates and see no benefit to people - that's not acceptable, particularly when you are trying to help the banks - like Northern Rock - through difficult times."He said there was "discussion is taking place" around banks not passing on interest rate cuts adding: "You can't cut interest rates and see no benefit to people - that's not acceptable, particularly when you are trying to help the banks - like Northern Rock - through difficult times."
'Difficult times''Difficult times'
Asked again about rumours that VAT may be cut he said: "We're looking at everything we can to see how we can help people and we will make announcements very soon about what we are going to do but I don't want to say today we can do something that we can't... We're just trying our best to get through these difficult times."Asked again about rumours that VAT may be cut he said: "We're looking at everything we can to see how we can help people and we will make announcements very soon about what we are going to do but I don't want to say today we can do something that we can't... We're just trying our best to get through these difficult times."
David Cameron is expected to say in a speech later that the Conservatives will not allow unemployment to ruin people's lives, although the full proposals are not expected until Tuesday.David Cameron is expected to say in a speech later that the Conservatives will not allow unemployment to ruin people's lives, although the full proposals are not expected until Tuesday.
We are the only party saying that tax cuts have got to be big, they have got to be permanent and they have got to be fair Nick CleggLiberal DemocratsWe are the only party saying that tax cuts have got to be big, they have got to be permanent and they have got to be fair Nick CleggLiberal Democrats
Conservative officials say tax cuts would be funded through savings and not paid for by extra borrowing - on Sunday Mr Cameron warned against further borrowing, saying it risked "higher interest rates - and mortgage bills - and higher taxes to pay off the debt tomorrow".Conservative officials say tax cuts would be funded through savings and not paid for by extra borrowing - on Sunday Mr Cameron warned against further borrowing, saying it risked "higher interest rates - and mortgage bills - and higher taxes to pay off the debt tomorrow".
Lib Dem leader Nick Clegg told the BBC other parties were "clambering on the bandwagon" as the Liberal Democrats had been advocating tax cuts for low and middle income earners for months.Lib Dem leader Nick Clegg told the BBC other parties were "clambering on the bandwagon" as the Liberal Democrats had been advocating tax cuts for low and middle income earners for months.
But he dismissed Conservative proposals to cut inheritance tax and freeze council tax as "smoke and mirrors" adding: "We are the only party saying that tax cuts have got to be big, they have got to be permanent and they have got to be fair."But he dismissed Conservative proposals to cut inheritance tax and freeze council tax as "smoke and mirrors" adding: "We are the only party saying that tax cuts have got to be big, they have got to be permanent and they have got to be fair."
He said there was no point borrowing more to fund tax cuts, as it would eventually have to be paid back.He said there was no point borrowing more to fund tax cuts, as it would eventually have to be paid back.
New world orderNew world order
Instead it was time to "rebalance the tax system to make it fairer" by removing "loopholes" that benefit only the rich on capital gains and tax relief on pension contributions, as well as clamping down on tax avoidance and introducing more green taxes.Instead it was time to "rebalance the tax system to make it fairer" by removing "loopholes" that benefit only the rich on capital gains and tax relief on pension contributions, as well as clamping down on tax avoidance and introducing more green taxes.
Politicians and economists are all asking themselves the same big question - what if big interest rate cuts don't get the economy moving again? Nick RobinsonBBC political editor Read Nick's blog in full FROM THE TODAY PROGRAMME Read Nick's blog Mr Brown's comments came ahead of a keynote foreign policy speech in which he will argue the global financial crisis has given world leaders a major opportunity for change.
Mr Brown's comments came ahead of a keynote foreign policy speech in which he will argue the global financial crisis has given world leaders a major opportunity for change.
The PM, in his annual speech at the Lord Mayor's Banquet in London, is expected to call for the rebuilding of the international financial system.The PM, in his annual speech at the Lord Mayor's Banquet in London, is expected to call for the rebuilding of the international financial system.
Ahead of a meeting of leaders of the world's 20 major economies in the US at the weekend, Mr Brown is expected to say that recent co-ordinated global action during the credit crisis showed the potential of a stronger multilateralism.Ahead of a meeting of leaders of the world's 20 major economies in the US at the weekend, Mr Brown is expected to say that recent co-ordinated global action during the credit crisis showed the potential of a stronger multilateralism.
He will argue that 2008 should not be remembered just for the failure represented by the financial problems, but for the way countries reacted and "discovered and refashioned the global power of nations working together".He will argue that 2008 should not be remembered just for the failure represented by the financial problems, but for the way countries reacted and "discovered and refashioned the global power of nations working together".
The UK, the US and Europe are key to establishing a new world order, he will argue.The UK, the US and Europe are key to establishing a new world order, he will argue.
The Tories unveil their own plans, aimed at dealing specifically with unemployment, on Tuesday.The Tories unveil their own plans, aimed at dealing specifically with unemployment, on Tuesday.
They say they would fund tax cuts through existing spending and not - as they suspect the government would do - through borrowing.They say they would fund tax cuts through existing spending and not - as they suspect the government would do - through borrowing.