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| No need for tax rises, says Osborne | No need for tax rises, says Osborne |
| (35 minutes later) | |
| George Osborne says he will not need to raise taxes to meet deficit reduction targets after the next election. | George Osborne says he will not need to raise taxes to meet deficit reduction targets after the next election. |
| Speaking in front of the Treasury Committee, the chancellor said he would be able to cut borrowing through spending cuts alone. | Speaking in front of the Treasury Committee, the chancellor said he would be able to cut borrowing through spending cuts alone. |
| He said original plans to cut the deficit with 80% spending cuts and 20% tax rises were only ever "a guide". | He said original plans to cut the deficit with 80% spending cuts and 20% tax rises were only ever "a guide". |
| He also suggested that Labour might choose to raise taxes, should the party win the election in 2015. | He also suggested that Labour might choose to raise taxes, should the party win the election in 2015. |
| "I am clear that tax increases are not required to achieve [further consolidation]. It can be achieved with spending reductions," Mr Osborne told MPs. | "I am clear that tax increases are not required to achieve [further consolidation]. It can be achieved with spending reductions," Mr Osborne told MPs. |
| Regarding Labour, he said: "I'm not sure whether they would do big tax increases. I suspect they would, but that is for them to explain." | Regarding Labour, he said: "I'm not sure whether they would do big tax increases. I suspect they would, but that is for them to explain." |
| Last month, the Institute for Fiscal Studies (IFS), a think tank, suggested Mr Osborne would have to raise taxes by £6bn to maintain a 80%-20% split between cuts and tax rises. | Last month, the Institute for Fiscal Studies (IFS), a think tank, suggested Mr Osborne would have to raise taxes by £6bn to maintain a 80%-20% split between cuts and tax rises. |
| But the chancellor told the Committee that the coalition had made no agreement on the mix of cuts and taxes beyond 2015-16. | But the chancellor told the Committee that the coalition had made no agreement on the mix of cuts and taxes beyond 2015-16. |
| He told MPs: "I'm a low-tax conservative who believes we could have lower taxes, but I think they should be sustainably lower. I'm not for deficit-financed tax cuts, that you end up having to increase taxes later to clear up the mess you have made of the public finances." | |
| Speaking later to reporters, he promised to announce details of tax breaks for married couples - an issue the Conservatives campaigned on before the last election. | |
| Separately at the Committee, Mr Osborne announced plans to ban pre-briefing of the media on the contents of his Budget speech. | |
| That followed an internal inquiry into the publication of details of March's Budget on the front page of the Evening Standard, which was tweeted before the speech began. | That followed an internal inquiry into the publication of details of March's Budget on the front page of the Evening Standard, which was tweeted before the speech began. |
| But he said he would continue to give pre-Budget television interviews to "explain the context" around the Budget speech. | But he said he would continue to give pre-Budget television interviews to "explain the context" around the Budget speech. |