According to the Liberal Democrats Party website the Liberal Democrats Party will try to achieve the following if they gain power at the 2010 general election:
It’s time to sort out the economy, and help people through the difficult times ahead. This government’s spent more and more of your money and still failed the people who are most hard up. Liberal Democrats will get wasteful government spending under control and give the economy a boost by cutting taxes from the bottom up – ordinary families first.
Restoring confidence – Things look bad for the economy. The Government has let things go wrong, allowing banks to lend out too much money and letting house prices get out of control. We will strengthen the economy by making the Bank of England take house prices into account when setting interest rates and regulating banks properly. We will make sure the public finances never get in such a mess again with independent auditing of spending rules. We will offer help to the millions of families being squeezed by massive debts, high fuel and food prices and high mortgage repayments by cutting income tax. We will ensure the banks pay for their own mistakes not the taxpayer. We will act to ensure that repossession is used only as a last resort and that people are able to stay in their homes. We will take action against irresponsible lending and ensure that everyone has access to good financial education and independent financial advice.
Cutting taxes for ordinary families – We will take the pressure off ordinary families who still pay more of their income out in tax than the richest people in the country. We will tax income less and pollution more. We will abolish Council Tax and replace it with a tax based on the ability to pay. We will increase environmental taxes, limit tax relief on pension contributions to the basic rate, and reform residential stamp duty. Inheritance tax will be reformed and gains made by nonresidents on property situated in the UK brought within Capital Gains Tax. Saving to spend – We will reallocate £20 billion a year to ease the burden on families and pensioners by cutting quangos and bureaucracy from public services and cancelling costly and unnecessary schemes such as nuclear power and ID cards and by withdrawing British forces from Iraq. We will stop the taxpayers being ripped off by PFI and IT contractors and consultants. We are the only party to spell out the tough spending choices we will make to spend more on health, education and law and order without raising taxes. We are committed to financial stability and discipline.
Using economic instruments to benefit the environment – Environmental taxes and traded permits can be used to encourage people to act in an environmentally sustainable way. We will launch an Environmental Incentive Programme within the Treasury to advise government and Parliament on ways to reform taxes and incentives to encourage sustainable development. Green taxes mean taxing differently – not taxing more.
I would be interested to hear both positive and negative views on Liberal Democrats Economy policies in the comments below?