George Osborne
A further £25bn spending cuts - much of it from the welfare budget - will be needed after the next election, Chancellor George Osborne has warned in a BBC report.
The Chancellor has suggested making welfare savings by cutting housing benefit for under-25s and restricting council housing for those earning over £65,000 a year.
Mr Osborne has argued the savings needed after 2015 can be found entirely from spending cuts, with welfare accounting for about half of the £25bn targeted - the remainder coming from a further squeeze on departmental budgets.
The £25bn figure is in line with the already announced intention to balance the government's books by 2018. It suggests cuts will continue at the same rate as during the current Parliament.
But Deputy Prime Minister Nick Clegg said targeting the working-age poor was "extreme... unrealistic and unfair".
The Lib Dem leader said he had a "very different vision" from the Conservatives about how to balance the books during the next Parliament and believed the wealthy should pay more in tax.
The rich of course have been having their taxes cut and also being reduced is Corporation Tax.
Corporation Tax rate
The Corporation Tax rate may change on 1 April each year.
|
Your profits |
Rate |
From 1 April 2011 |
From 1 April 2012 |
From 1 April 2013 |
From 1 April 2014 |
|
£300,000 or less |
Small profits rate |
20% |
20% |
20% |
20% |
|
Above £300,000 |
Main rate |
26% |
24% |
23% |
21% |
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