David Cameron has ruled out 'significant' tax cuts while the Government is cutting spending to reduce the deficit.
But Mr Cameron insisted there was no 'Plan B' on the coalition's deficit-reduction strategy and said tax cuts would only undo the work of painful curbs in public spending.
"Curbs" not cuts - the difference should be noted in his phrasing.
I happen to agree with Mr. Cameron; deficit reduction is now effectively a tax on our children and grandchildren - inter-generational state terrorism if you will - we should put the 11% overspending down; that should have been a non-negotiable start and done this year.
The Fabian left and Progressively Labourious would no doubt argue that a vast proportion of the present deficit was due to the bank bailout - and they would be right.
However, when state spending has reached an unjustifiable, nigh on 50% theft of total GDP slowly decoupling banking liabilities makes for a very useful start to cutting the overall tax take.
For a start.