�Quick Guide:�Tax and spending
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Economy

Budget gap

Tax rises

Spending cuts

Cutting waste

Council tax

Tax rises

All three parties accept that the tax burden will rise with economic growth to close the budget gap.

Labour plans assume a �25bn increase in tax revenues from existing taxes, such as corporation tax and income tax, without having to raise rates.

The Liberal Democrats want to increase taxes on those earning over �100,000, raising �4bn more, for �29bn in total.

The Conservatives want to make �4bn in tax cuts, and will fund a claimed �8bn tax gap by cutting waste, but still assume an increased tax take of �13bn.