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Labour will add £3,000 to your tax bill, claims Cameron

LABOUR will increase the tax bill “for every working family” by £3,000, David Cameron has claimed as he seeks to shift the focus to tax matters with the general election looming large.

The prime minister will launch the Conservatives’ electoral campaign today after visiting Buckingham Palace in order to seek permission to dissolve parliament.

Labour’s “economic chaos” will add £3,000 in higher taxes for “every working family in Britain” by 2020, he will warn.

Ed Miliband’s campaign admitted the party will borrow more money if it wins the election, while economic think tank the Institute for Fiscal Studies, warned of a £30bn black hole in Labour’s spending plans, the Telegraph reports.

The Conservatives have committed to balancing the overall budget by the end of 2018.

Labour, on the other hand, has left the door open to further borrowing, promising only to eliminate the current deficit on day-to-day spending by the end of the next parliament.

The Conservatives have already ruled out a rise in the rate of VAT should they win the general election, while a series of tax cuts aimed at millions of middle-income earners is set to be revealed in the run-up to election day.

It is expected that the Tory manifesto will contain a pledge to increase the inheritance tax threshold.

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