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The business secretary Lord Mandelson spoke of the need for "structural adjustments later one" prompting the leader of the Conservative party David Cameron to predict a tax-raising "bombshell".
Mr Cameron is due to give a speech today (November 18th) in which he is expected to pre-empt next week's tax cuts, reports the Times.
The tax cuts are intended to compliment recent interest rate cuts by the Bank of England.
Nick Clegg, the leader of the Liberal Democrats, endorsed the proposed tax cuts, but called for a permanent reduction, rather than a one-off cut funded by more borrowing.
"The right thing to borrow for is not short-term cash bribes but long-term capital investment in infrastructure the country needs anyway," he commented.
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