FT.com / UK - Tory treasurer expects swingeing tax cuts.

In a video interview with the Financial Times, Mr Spencer, the multimillionaire chief executive of Icap, the interdealer broker, said the Tories “cherish the City”.

He expressed optimism that a David Cameron-led government would scrap Labour’s forthcoming increase from 40p to 50p in the top rate of income tax — a key bone of contention in the Square Mile. “I believe and I hope and I expect that that will be reversed in the foreseeable future,” he said.

Mr Spencer said he expected a Toryadministration to go far further than the party’s existing pledge of a cut in the main rate of corporation tax from 28p to 25p, which would be funded by axing reliefs and allowances.

“I am hopeful that, over the next parliament ... we will get corporation tax down towards the 20 per cent level.”

At least the situation is clear: it's tax cuts for the wealthiest and service cuts for the poorest in the UK after the next election.

That's just about all Labour and the Lib Dems have to say, repeatedly.