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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/cameron-vows-no-to-big-tax-cuts.jpg"><img class="alignnone size-full" title="David Cameron has ruled out 'big tax cuts'" src="http://londonglossy.com/wp-content/uploads/2011/02/min-cameron-vows-no-to-big-tax-cuts.jpg" alt="David Cameron has ruled out 'big tax cuts'"/></a></p>
<p>David Cameron has ruled out &#8220;significant&#8221; tax cuts while the Government is cutting spending to reduce the deficit.</p>
<p>The Prime Minister said he wanted to offer people &#8220;relief&#8221;, but suggested that would only be possible &#8220;at the end of this hard road&#8221;.</p>
<p>His comments came in an interview with The Sunday Telegraph ahead of the March 23 Budget.</p>
<p>Chancellor George Osborne is facing calls to reduce the burden on hard-pressed voters as inflation spirals. Tory Mayor of London Boris Johnson urged him last month to set out &#8220;a clear direction of travel&#8221; on how taxes could be reduced.</p>
<p>But Mr Cameron insisted there was no &#8220;Plan B&#8221; on the coalition&#8217;s deficit-reduction strategy and said tax cuts would only undo the work of painful curbs in public spending.</p>
<p>&#8220;I would love to see tax reductions. I&#8217;m a tax-cutting Tory and I believe in tax cuts, but when you&#8217;re borrowing 11% of your GDP, it&#8217;s not possible to make significant net tax cuts. It just isn&#8217;t,&#8221; he said.</p>
<p>&#8220;It&#8217;s no good saying we&#8217;re going to deal with the deficit by cutting spending, but then we&#8217;re going to make things worse again by cutting taxes. I&#8217;m afraid it doesn&#8217;t add up.&#8221;</p>
<p>Later in the interview, he added: &#8220;Do I want to see, at the end of this hard road, relief and lower taxes for hard-working people? Yes I do.&#8221;</p>
<p>It was also reported today that Mr Osborne was considering a new tax levy on wealthy &#8220;non-doms&#8221; which could be announced as early as the Budget.</p>
<p>The move would help fund the coalition&#8217;s commitment to raise the income tax threshold to £10,000.</p>
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