Tory inheritance tax cut sparks internal divide, Labour's plans uncertain (Image: Getty)
The Blue’s are poised to cut them at the Budget in seven weeks time, while the Red’s tax plans remain distinctly opaque.
But the Conservatives face their own internal Blue vs Red battle over taxes - the thorny issue of whether to slash Inheritance Tax.
The Tories consider it to be an aspirational measure and it is generally popular among Conservative voters.
There is a split, however.
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It’s more popular among Blue Wall MPs, whose constituencies in, wealthier, southern England stand to gain the most from a cut.
Slashing IHT would provide a much-needed pre-election boon in those traditional Conservative heartlands which polls show are under serious threat from the Lib Dems and Labour.
Those MPs in the Red Wall - former Labour working class seats in northern England, the Midlands and Wales - are lukewarm on the idea.
While many agree with eventually abolishing the hated “death tax”, cutting it now would only serve to help Labour because it will have less of an impact in their own constituencies.
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Changes to IHT could cost anything up to ￡6 billion while a much-reported 2p cut to Income tax would cost more than ￡13 billion.
But with inflation tumbling and lower-than-expected borrowing, Chancellor Jeremy Hunt may have up to ￡20 billion in “fiscal headroom” on March 6.
This means he could afford to unveil two “big ticket” tax cuts in what would be a huge general election sweetener.
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