George Osborne, Chancellor of the Exchequer, has made promises to cut taxes by £7.2bn for low and middle earners. This promise is made, even though the deficit still stands at £100bn. I think everyone knows by now that I am fairly cynical and at this point I would just remind people what is happening in May next year…….A General Election!

I would suggest that this is a promise made to obtain votes!

Danny Alexander, The Chief Secretary to the Treasury, has accused Mr Osborne of “grand deception” over his promises.

Clearly there is going to be some political clashing on this matter as future Lib Dem negotiations are going to be pushing for tax rises, including a new tax on expensive properties. Danny Alexander has suggested that attempts to eliminate the deficit purely by cutting public spending was “simply not credible and eye-wateringly unfair on the working poor”.

I think there are interesting months ahead, not only because of the promises that will undoubtedly be given, but also to see what our Chancellor has to say in his Autumn statement due to be delivered on 3 December.