Below is the text of the Conservative Party Press Release on Mr Major’s comments on Labour’s tax policy. It was issued on Friday 20th March 1992, reference 504/92.
BRITAIN CAN’T AFFORD LABOUR
“Living standards always go up faster under the Conservatives”, the Rt Hon John Major, Prime Minister and Leader of the Conservative Party, said at a press conference at Conservative Central Office, today.
“That’s been true ever since the war. For all of Mr Kinnock’s lifetime. And the difference is just as stark today.
Because, yet again, we will bring inflation down – and cut taxes.
Yet again, Labour would put inflation up – and raise taxes.
I loathe inflation. I want stable prices. Pay packets and pensions that keep their value.
Labour only know how to put inflation up. That’s what independent forecasters agree would happen. And why businessmen, day after day, say Britain needs a Conservative government.
Industry has to compete with the rest of Europe. We’ve cut inflation below the European average. Now we need to beat the best in Europe. Low inflation countries like Germany.
We can do just as well as Germany. And better.
But look at the Labour record last time. Prices doubled in five years. Suppose that happened again? If Labour got in for another term, that means you’d end up paying £4 for a gallon of petrol, nearly 50 pence for a first-class stamp – and £24 to go to a football match.
As if that wasn’t bad enough, Labour taxes would make it worse. That’s the way the money always goes under Labour.
Let me tell you what a tax increase means. It means a pay cut. A pay cut for millions of people who keep this country going. Skilled workers. Experienced teachers. Police officers. Doctors. Dentists. Businessmen creating jobs.
What a way to reward their efforts. Thank you for doing so well. Here is a huge tax increase as an incentive to do better in future.
What a way to encourage young people to make the same efforts. I want young people to make these efforts. And I want them to do it in this country.
They can’t afford Labour. No-one can afford Labour. Britain can’t afford Labour.
And now Norman’s going to tell you precisely where Labour’s tax raid would begin. No-one yet can know where it will end.”