Following the announcement that Labour would spend £300 million on the police service raised from cancelling a cut in Capital Gains Tax, Liberal Democrats in Jarrow constituency have pointed out that Labour have already promised to spend the money elsewhere.
Lib Dem Candidate, Peter Maughan, said, “Capital Gains Tax (CGT) was increased by Lib Dems in the Coalition as we believe it is right that the wealthier members of society should pay a fair share of overall taxes.
“The Conservatives’ decision to cut CGT shows just where their prorities lie. However, Labour have now promised to spend the money raised by not cutting this tax four times over.
“In March last year, they said they would use the money to bail out the British steel industry. In August last year they said they would spend it on art for primary school children. In March they offered the money to the health service. Now it is to be spent on the police.
“Labour seem to think they have a magic pot of money. Every time you empty it to spend the
money, it magically fills with cash again.
“No wonder, no one trusts Labour with the nation’s finances. People still remember the terrible mess the last Labour Government left behind when a quarter of the money spent by Labour ministers was borrowed.
“While no one seriously believes Labour are credible on the economy, thankfully, Labour will not have a chance to put their Magic Money financial policies into action. Everyone knows Labour cannot win the election.
“What we do need however is a strong opposition to the Conservative Government. Labour have failed in that role. If you want a strong opposition, vote Lib Dem on 8th June.”