One of the key dividing lines in 2015 will be over what sort of action each of the parties proposes to take over filling the financial black hole. The choice is between tax rises and spending cuts, and the Tories were first out of the blocks to make clear that they want to focus on spending cuts, specifically shaving more money from the welfare bill, as part of their election offer. James first revealed this in his Mail on Sunday column in June, and then George Osborne ruled out tax rises at a press gallery lunch the following month. At the time, he said:
‘I think this can be delivered through spending and savings both in welfare and in departments, and there is no need for tax rises to contribute to that fiscal consolidation.’
He also opened a specific challenge to the Liberal Democrats and Labour party to explain what taxes they fancied putting up instead of cutting spending further.
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