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Election comment: Labour

The world has been through the worst financial crisis for a generation. UK leadership at the G20 helped secure stability and an emerging recovery. Instead of letting the recession run its course we acted successfully to protect people and businesses.

After securing the recovery we will halve the deficit over four years through growth fair taxes — including the announced tax rises — and tough choices on public spending. OECD projections for the UK economy are encouraging. However the global recovery remains fragile. It's vital that we don't remove support too quickly.

Tax funds the services and skills the economy relies on. But in a globalised economy UK tax competitiveness is critical for recovery and growth. Tax simplification will remain a priority and our new Tax Framework for Businesses will strengthen our relationship with businesses helping avoid surprises and unnecessary complexity.


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