Prime Minister David Cameron warned that despite increasing living costs there will be no “substantial” tax breaks in the near future to help Britons deal with their debt problems despite the fact that personal debt in the UK has reached nearly £1.5 trillion and insolvency rates have also risen to record levels.
In an interview with the Sunday Telegraph, he remarked: “I’m a tax-cutting Tory and I believe in tax cuts, but when you’re borrowing 11 per cent of your GDP, it’s not possible to make significant net tax cuts. It’s no good saying we’re going to deal with the deficit by cutting spending, but then we’re going to make things worse again by cutting taxes,” the prime minister added.One reason inflation will have troubled many people with debt is because the increase in living costs has outstripped rises in wages for almost two years now, assistant editor of This is Money Simon Lambert commented to cleardebt.co.uk to last week.Mr Cameron also used the opportunity to make clear that the coalition government will take no further action against banks awarding astronomical bonuses despite the fact that Bob Diamond (the chief executive of Barclays) is set to get £9 million this year and Stuart Gulliver (the new chief executive of HSBC) is also expected to get a bonus of as much as £9 million later this month. Mr Cameron said that he had no desire to give the banks a “kick in the pants” and that his concern was to get them lending to small businesses again.The interview follows deputy Prime Minister Nick Clegg’s comment last week that the 750,000 people who will be affected by the forthcoming income-tax increase will “barely notice” the difference.Manchester debt firm is liquidated owing creditors over £2.2m
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