In time we also intend to abolish capital gains tax and inheritance tax. But we can only make progress on tax when it is prudent and sensible to do so, as our budget deficit closes. We are not pursuing a 1990s' version of Reaganomics - slash taxes and hang the deficit, in the naive belief that any tax cut will always generate additional revenue. The real world doesn't work that way. Tax cuts that could not be afforded would inevitably have to be reversed.
Nobody wants that.
In any case, to think that the electorate could be bribed by premature tax cuts is an insult to the intelligence of the British people. If I judge that there is scope for further interest rate cuts, consistent with my inflation objective, I will make further cuts. And I will not hesitate to put up interest rates if, as the economy strengthens, the economic data indicate that there is a real risk that I will not meet my inflation target. Our combination of large overseas investments, high exports, a world-beating financial centre, and our place at the heart of the European single market means that the UK is uniquely placed to benefit from opportunities presented by the rapid globalization of the world economy. French and German businesses well know.