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Lib Dems claim Tories will have to make cuts to meet tax pledges

Nick Clegg has said the Conservative party have no way to meet their tax pledges on raising the personal allowance to £12,500 without doing, "what Tories do best - cut."

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Ed Balls goes on the offensive over 'tax breaks for the rich'

Millionaires on seven-figure salaries have already paid at least £85,000 less into public funds because of a cut in the top rate of income tax, Labour claimed as it warned of more help for top earners if the Tories win the General Election.

Ed Balls goes on the offensive over tax breaks for the rich. Credit: ITV News

Shadow chancellor Ed Balls - who is committed to restoring the 50p rate on those earning £150,000-plus a year, challenged David Cameron to rule out a further reduction from 45p if his party holds on to power on May 7.

Labour said its figures showed that in the two tax years since the lower rate was introduced, someone on £1 million a year had seen their bill cut £85,000, a £5 million earner £485,000 and anyone on £8 million almost £985,000.

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