Ed Miliband hinted that the Labour government would eliminate the deficit within five years of taking charge of the economy through tax hike. He suggested that the taxes would be raised for high earners. He wants to create a fairer system. He also said that he wanted to get the account in balance by the end of the next parliament and wants to see the debts falling.
He added that competition policy and banking can change the economic condition. He said that, if they come to the office after 2015, there would be fairer tax system and they would set out their plans in due course. As per his plans, consumer groups will be given a vital role in identifying and tackling broken markets. This would disturb the way competition across the business world works. Besides, he said that the Citizens Advice would also participate in setting the agenda of the Competition and Markets Authority. After Mr. Miliband announced his plans to promote competition in banking, nearly a billion was wiped off the value of Britainís state-owned banks.
The Chancellor, George Osborne, believes that when Britain will run a small surplus, the deficit will be eliminated by 2018-19. He has plans to cut taxes by extending the austerity program and also by creating a permanently smaller State.
Though Mr. Miliband’s plans to modify and reform the banking sector have been criticized, he said Labour would be the party of the consumer and the plan for an annual competition audit of the economy would aid in ensuring those areas where regulators failed would be identified and fixed.