Conservatives propose higher taxation for top earners

Date: 23rd March 2009

The Conservatives have proposed a higher rate of taxation for the UK's top earners.

At a recent address the party's leader David Cameron stated that he would be willing to change his low taxation attitude if the Conservatives were to win the next general election.

In response to spiralling public debt, Mr Cameron suggested his government would keep any planned taxation increases for top earners.

The Tory chief commented: "I am a Conservative who believes in lower taxes. But in today's fiscal circumstances, the priority must go to debt reduction.

"Put simply, our overriding objective will need to change from sharing the proceeds of growth, to paying down our debt."

Mr Cameron added that "clear plans" were needed to curb public spending in both the short and long term.

Meanwhile, the Liberal Democrats treasury spokesman Vince Cable blasted the government's 2.5 point VAT cut as an expensive failure after official statistics revealed public borrowing reached £9 billion in February.